The other major benefit payment standards that may enable a person to access superannuation savings after an event has occurred include:
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 can 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). These individuals will not need to pay tax on amounts released and will not need to include it in their income tax return.