Withdrawing from Super

Benefit Payment Standards

The other major benefit payment standards 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 the benefit payment standards have strict conditions that must be met for payment to be made. Taxation considerations will also apply where a payment is made to a member under the age of 60.

Please note: Eligible individuals affected by COVID-19 were able apply to the ATO to access up to $10,000 of their superannuation in the 2019–20 financial year and a further $10,000 in the 2020–21 financial year (until 31 December 2020). It’s important to note that as part of the ‘More Flexible Super’ legislation, a member that released amounts from superannuation under these COVID 19 early release rules can recontribute those amounts without counting towards their non-concessional cap. However, it must also be noted that the member can’t claim those recontributed amounts as a tax deduction.