JDFP - Diversity by Design

Early Release from Superannuation

There are established ways to get access to the money inside your superannuation account, in situations such as retirement at 55, reaching your preservation age, or if the member dies.

Early access to superannuation is however limited to the following methods.

Severe Financial Hardship

This is for people who are experiencing hard times and need help. There are a number of conditions and payment is subject to approval by the Government's Human Services Department, and the superannuation fund trustee.

Compassionate Grounds

Very specific payment in this case depends on reasons, such as medical costs to be paid, foreclosure on the family home, and palliative care. Applications from 01/07/2018 are made through the Australian Taxation Office (ATO).

Temporary Resident Leaves the Country

This half measure is only availible for temporary residents who leave the country. A classic example is when back packers leave the country there is the possibility that their superannuation can be withdrawn. This is a very particular release of superannuation and does not apply to Australian residents leaving to go on holiday or become expats living overseas.