Eligibility
Eligibility for access due to severe financial hardship depends on your age in relation to your preservation age. Your preservation age is the age at which you can access your super if you're retired, or at which you can start a transition to a retirement income stream.
1. Under preservation age
If you are under your preservation age, you need to satisfy both these conditions:
- You have received eligible government income support payments for a continuous period of 26 weeks.
- You are not able to meet reasonable and immediate family living expenses.
The minimum amount that can be withdrawn is $1,000 and the maximum is $10,000. If your super balance is less than $1,000 you can withdraw up to your remaining balance (after tax).
You can only make one withdrawal in any 12-month period.
2. Reached preservation age plus 39 weeks
If you've reached your preservation age plus 39 weeks, you need to meet both these conditions:
- You have received eligible government income support payments for a cumulative period of 39 weeks after you reached your preservation age.
- You were not gainfully employed at the time of applying.
There are no restrictions on how much you can withdraw if you meet the age condition and the other 2 conditions.
How to apply
You need to apply to your super fund directly for release of super on financial hardship grounds. The ATO does not process severe financial hardship requests.
If your super provider requests evidence, you can ask Services Australia to provide a letter confirming you have received eligible government income support payments for the relevant period.
For more information on how to apply for early access to your super because of financial hardship, see If you need to apply because of financial hardshipExternal Link at Services Australia.