Accessing Your Super
– A member of a superannuation fund?
At a glance:
– The Tax Office has set out rules on accessing superannuation benefits.
– Check if you can access your super.
– Contact us if you require any clarification or advice.
Superannuation benefits can only be accessed if you have met the requirements set out by the Tax Office.
Tax Office requirements for accessing superannuation benefits are as follow:
- The member has turned 65 years old (if they have not retired already);
- The member has reached their preservation age and retired (refer to point 3); or
- The member is under transition to retirement rules.
- The preservation age is determined by the individual’s date of birth, as follows:
|Date of Birth||Preservation Age|
|Before 1 July 1960||55|
|1 July 1960 – 30 June 1961||56|
|1 July 1961 – 30 June 1962||57|
|1 July 1962 – 30 June 1963||58|
|1 July 1963 – 30 June 1964||59|
|After 30 June 1964||60|
Superannuation members may withdraw preserved benefits only if a condition of release has been met but are subject to any cashing restrictions imposed as part of the condition of release.
In limited circumstances, members can access their superannuation early. These circumstances mainly relate to medical conditions and severe financial hardship.
For more information, click here.
– Check the preservation age requirements before commencing a pension.