Early access to superannuation: Understanding your options

Your super is all about setting money aside for when you retire. It's a nest egg of funds that hopefully should grow over your working life and support you for later on.

Usually, you can't touch this money until you retire. However, sometimes things don't go to plan, and you might need to access some of your super sooner. There are specific scenarios and rules around when you may get early access to your super – typically when you are facing severe financial hardship or on compassionate grounds.

Let’s explore some choices for accessing super early if you ever find yourself or a loved one in a tough spot.

Severe financial hardship and your super 

Severe financial hardship is when you are unable to meet reasonable and immediate family living expenses like groceries, rent or medical costs. You may be able to access some of your super early to help.

How do I apply to access my super early due to severe financial hardship?

Have your Centrelink Customer Reference Number (CRN) handy when you contact us so that we can confirm you meet the eligibility criteria.

1. Once confirmed, we’ll send you a form (via email or post) to complete.
2. When we receive your completed form, we’ll make your payment to your bank account within 5 business days – you’ll also need to allow another 2-3 days for your bank to process the payment.

Compassionate grounds: When can you withdraw super early?

You may be able to withdraw some of your super early on compassionate grounds if you need to pay for:

• medical costs – for treatment or travel to treatment for you, your partner, child or other dependant
• mortgage – to stop the bank from selling your home
• disability – to modify your home or car to accommodate the special needs of you or your dependant which arise from a severe disability
• palliative care – for you or a dependant
• funeral – to pay for expenses for a dependant.

Am I eligible for early super access on compassionate grounds?

Visit the Australian Taxation Office (ATO) website here for eligibility criteria for applying to access some of your super on compassionate grounds.

How to apply for early access on compassionate grounds

You’ll need to apply for access to your super on compassionate grounds directly with the ATO.

Apply online via the ATO page in myGov - go to ‘compassionate release’ in the super tab. Your application can take up to 14 days (28 days for paper applications) – Rest can’t provide a progress update while the ATO is assessing your claim.

Once your claim has been assessed the ATO will notify you of the outcome via phone or SMS, and you’ll receive a message in your myGov inbox (or post if you applied with a paper form).

If your claim is approved, you’ll receive an approval letter from the ATO. You can then complete a withdrawal form here – make sure your approval letter from the ATO is attached as we need this to process your claim.

Additional circumstances for early super access

There are additional circumstances where you may be able to access super funds early outside of severe financial hardship or compassionate reasons.

Permanent incapacity or terminal illness

In general, you can access your super early if you’re:

• Permanently incapacitated – unlikely to engage in gainful employment for which you’re reasonably qualified (by education, training or experience) because of physical or mental ill health. You may also be eligible to access your super if you meet the criteria but are engaging in light duties in a different position or casual work in a different field. Learn more here.

• Diagnosed with a terminal illness – Rest will require proof of your condition from two separate medical practitioners that you suffer from an illness or injury that is likely to result in your death within 24 months of the date of the certification. In the case of terminal illness, one of the practitoners must be a specialist in the particular field related to the illness or injury suffered by you. Please note the 24 month certification period from the date of the certifications has not ended.

If you have Death or Total Permanent Disability (TPD) insurance as part of your Rest account, you may be able to make a claim. Learn more here.

Departing Australian Superannuation Payment (DASP)

If you came to Australia on an eligible temporary resident visa (excluding subclasses 405 and 410), worked here, and earned super in that time, you may be able to take some of these funds with you. You may only apply for DASP after you have left Australia, and your visa has expired. Strict eligibility criteria and some temporary visa exclusions may apply. Learn more about the DASP here.

First Home Super Saver Scheme (FHSSS)

To assist in purchasing your first home, you may be eligible to withdraw some voluntary super contributions. The scheme may assist would-be homebuyers bolster their deposit savings and may potentially offer tax benefits. However, strict eligibility, rules, withdrawal limits and timeframes apply. Learn more about the First Home Super Saver Scheme here.

Other circumstances for early super access

Other conditions in which you can apply to access super early may include:

• low super balance – if your super balance is under $200 and you've left your employment, or if you have found a 'lost super' account with less than $200. For Rest members, to withdraw this money, you’ll need to complete the online benefit payment form here.
  
  
• ‘Unrestricted non-preserved’ classified super – if you have ‘unrestricted non-preserved’ super (for example, benefits for which you previously met a condition of release and kept the money in your super fund). To find out whether you have this, check your most recent annual statement or Rest members can log into MemberAccess and select ‘Your Account’, then ‘Benefit quote’. To withdraw this money, you’ll need to complete the online benefit payment form here.
  
  
• New Zealand citizen (may transfer funds to a KiwiSaver scheme)

For more information on these and other conditions, please read our factsheet on accessing your super early.