Superannuation
Withdrawing from Super
Benefit Payment Standards
The other major conditions of release that may enable a person to access superannuation savings after an event has occurred include:
- Death;
- Terminal medical condition;
- Permanent incapacity;
- Termination of gainful employment with the employer-sponsor of the fund (and where the account balance is under $200);
- Severe financial hardship;
- Compassionate grounds;
- Temporary incapacity;
- Permanent departure from Australia by certain temporary residents;
- Lost member benefits under $200; and
- The First Home Super Saver Scheme (FHSSS).
Many of these conditions of release have strict conditions that must be met for payment to be made. There are taxation implications where a super payment is made to a member under the age of 60.
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