Superannuation is designed to help you save for retirement, however, there are some limited circumstances where you may be able to access your super early, including:
Io;?f you are below preservation age, you may be eligible for early release of super if all of the following apply to you:
To;?he maximum amount that can be withdrawn is $10,000 less tax. (See how tax is applied here).
Io;?f you are older than preservation age plus 39 weeks, you may be eligible for early release of super if the following apply to you:
There are no restrictions on how much you can withdraw if you meet the age requirement and the other 2conditions.
Read more about how to apply for an early release of super on the grounds of severe financial hardship in our information sheet.
There are very limited circumstances when you may be allowed to withdraw some of your super on compassionate grounds for unpaid expenses, where you have no other means of paying for these expenses. The amount of super you can withdraw is limited to what you reasonably need to meet the unpaid expense.
Compassionate grounds include needing money to pay for:
Note, applications for early release of super on compassionate grounds must be completed through the ATO.
If successful, we'll need you to submit ourwithdrawal form along with acertified copy of your photo ID to be able to pay your benefits to you.
You may be eligible to access your super if you have a permanent physical or mental medical condition that is likely to stop you from ever working again in a job you were qualified to do by education, training or experience.
To;?o learn more and apply for a withdrawal, please see our Application for Early Release of Super due to Permanent Incapacity form.
This condition of release is generally used to access insurance benefits linked to your super account and may be applicable if you are temporarily unable to work, or need to work less hours, because of a physical or mental medical condition.
Po;?lease see our Insurance Guide for more information about insurance options with Future Super or contact us for more information about an early release of super due to temporary incapacity.
You may be able to access your super if you have a terminal medical condition. You will need to meet the following to be eligible:
To;?o learn more and apply for a withdrawal, please see our Application for Early Release of Super due to a Terminal Illness form.
The First Home Super Saver (FHSS) scheme was introduced by the Australian Government to reduce pressure on housing affordability for first home buyers.
From 1July 2018, you can apply to release your voluntary contributions, along with associated earnings, to help you purchase your first home. You must meet theeligibility requirements to apply for the release of these amounts.
You can currently apply to have a maximum of $15,000 of your voluntary contributions from any one financial year included in your eligible contributions to be released under the FHSS scheme, up to a total of $50,000 contributions across all years. You will also receive an amount of earnings that relate to those contributions.
Read more about the FHSS scheme and related processes on the ATO's website here.
If you have worked and earned super while visiting Australia on a temporary visa, you can apply to have this super paid to you as a Departing Australia Superannuation Payment (DASP) once you leave Australia. Eligibility conditions apply.
You can apply for DASP through the ATO.
Note, If successful, we'll need you to submit our withdrawal form along with a certified copy of your photo ID to be able to pay your benefits to you.
You may be able to access your super if your employment has been terminated and the balance of your super account is less than $200.
If you believe any of the above applies to you and would like further information, please reach out to our team at info@futuresuper.com.au or call us on 1300 658 422.
