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  • Understanding your options

    Accessing your super early will affect your super balance and may affect your:

    • future retirement income
    • income protection insurance
    • life and total permanent disability insurance cover.

    There are several steps you should take to make sure you understand your options and the financial impacts of the early release of super.

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    Contact your super fund

    You should contact your super fund to ask about:

    • whether they will release super early under compassionate grounds
    • whether there is sufficient balance in your account
    • any fees for releasing super early under compassionate grounds
    • tax on the amount released
    • implication on any insurance attached to your accounts.

    If you are a member of an exempt public sector super scheme (EPSSS), do not apply to us. You need to apply directly to your scheme for early release of super. EPSSS have their own state and territory laws for early release of super.

    If you have a self-managed super fund, you still need our approval to access your super early.

    How tax applies

    Super withdrawals on compassionate grounds are paid and taxed as a normal single super lump sum. The tax rates depend upon various factors, including your age, preservation age and the components of the super lump sum.

    Your super fund can provide details of the tax free and taxable components of your super account.

    See also

    Seek financial advice

    You should consider whether you need to seek financial advice before submitting your application for early release of super. They may be able to tell you about other options to access the money required to meet your specific expenses, for example the National Disability Insurance Scheme (NDIS).

    Releasing your super early will generally count towards your assessable income for income tax purposes. You will need to include it in your tax return. It can affect any family tax benefit or child support you receive.

    See also  

    Next steps  

      Last modified: 05 Dec 2022QC 60034