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.

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 back into super 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.