Guide to superannuation for individuals

Accessing your super benefits

You can access your super when you reach your preservation age and retire, or you turn 65 (even if you haven't retired).The preservation age will increase from 55 to 60 between 2015 and 2025. You may also be able to access your super under the transition to retirement rules.

Accessing your super before retirement

There are very limited circumstances where you can access your super savings early. These circumstances are mainly related to specific medical conditions or severe financial hardship.

Some promoters claim to offer early access to your super savings by transferring your super into a self-managed super fund. These schemes are illegal and heavy penalties apply if you participate. For more information, refer to Illegal super schemes - beware of offers to withdraw your super early.

Temporary residents

If you're a former temporary resident who has left Australia, you can apply to have your Australian super paid out to you. This is called a Departing Australia super payment.

How tax applies to super and death benefits

How tax applies to your super benefits depends on a number of things, such as your age and whether your super comes from a taxed or untaxed source. The tax treatment of both super and death benefits is also affected by whether the benefits are paid as a lump sum or income stream (regular payments).

Pensions and other benefits

If your super benefits won't fully support you when you retire, you may qualify for government support, such as age and service pensions or benefits. You may also be eligible to claim certain tax offsets.

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Last Modified: Tuesday, 29 January 2013