Superannuation is there to support you into retirement. For this reason, you cannot ordinarily access your account balance until you reach a particular age and retire (preservation age).

If you are experiencing financial hardship and have been unable to work due to injury, illness or other circumstances, you may be able to access your superannuation early.

If you are experiencing financial hardship and meet the requirements set out by the Australian Government, you may apply to access your superannuation early.

How much can you access?

You can apply to take out an amount between $1,000 and $10,000 in any 12 month period. These amounts are generally subject to taxation.

Who can access their superannuation due to financial hardship?

The Australian Government has guidelines that need to be met in order to gain access to your superannuation on the grounds of financial hardship.

You must:

  • Have received income support payments from Centrelink for at least 26 consecutive weeks; and
  • Be able to show you are unable to pay reasonable and immediate family living costs, such as bills, groceries or rent.

Below is a list of Centrelink income support payments that meet this criteria:

  • Age Pension
  • Austudy
  • Carer Payment
  • Disability Support Pension
  • Farm Household Allowance
  • JobSeeker Payment
  • Parenting Payment
  • Partner Allowance
  • Special Benefit
  • Widow Allowance
  • Youth Allowance
  • Various Department of Veterans’ Affairs pensions

Often we take enquiries from people seeking to access their superannuation due to financial hardship.

When the reason for this is due to injury or illness there may be additional superannuation entitlements, such as Total and Permanent Disablement (TPD) or Income Protection that can also be claimed.

We would be pleased to discuss your superannuation and/or other claim options with you.