Early release of superannuation
In Australia superannuation generally cannot be accessed before you are at least 55 years old.
There are two circumstances under which you can apply for early release of superannuation to the Department of Human Services (DHS) (including Centrelink). These circumstances are listed below.
Severe financial hardship
If you have been receiving a Centrelink eligible income support payment for at least 26 weeks, you may be able to apply direct to your superannuation fund for the early release of your superannuation benefits.
Centrelink’s role is to respond to requests for confirmation of your income support payment status and has no involvement in determining financial hardship, or deciding if superannuation benefits are to be released. This will be determined by your superannuation fund.
- How to apply: Check with your superannuation fund first – they may be able to confirm your income support status electronically with Centrelink providing you authorise it.
Alternatively, you can contact Centrelink and request a letter confirming you have received an eligible income support payment for the required period. Letters are valid for a period of 21 days only.
You need to advise Centrelink if any benefits are released, as this may be a factor that affects your income support payments.
Specified compassionate grounds
In some very specific circumstances, the law allows you to access your superannuation before you are 55 years old. These circumstances are called grounds.
DHS administers the very limited circumstances where benefits may be released on specified compassionate grounds, which are defined in the Superannuation Industry (Supervision) Regulations 1994.
The role of DHS is to approve the early release of superannuation where the specific requirements of the legislation regarding early release of superannuation on compassionate grounds have been met. Your superannuation fund will need approval from DHS before they can release benefits to you. Once this approval is obtained your superannuation fund trustee will advise you what benefits they can and can not release.
The superannuation fund trustee may charge you fees for the early release of your superannuation. Any early release of superannuation may be taxed.
- How to apply: Early Release of Superannuation on Specified Compassionate Grounds application information.
- Early release of Superannuation [PDF: 900KB]
More information
Help from the Australian Tax Office (ATO)
You can apply to the ATO for early release of benefits if:
- you were in Australia temporarily and are now leaving the country permanently
- you have funds in a Superannuation Holding Accounts Reserve (SHAR) and are experiencing severe financial hardship.
Help from your trustee/provider
You can apply directly to your superannuation fund/Retirement Savings Account for early release if:
- you are experiencing severe financial hardship
- you have been permanently incapacitated (total and permanent disability)
- you are terminally ill
- you have a preserved benefit balance of $200 or less.
More information
- Early release of superannuation benefits on the Guide to Social Security Law
- Superannuation topic on Australia.gov.au
- Individuals superannuation on the ATO website