Accessing Your Superannuation

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When Can You Access Your Super?

Australian superannuation is "preserved" — meaning you generally cannot access it until you meet a condition of release. The two most common conditions are reaching preservation age and retiring, or turning 65 (even if still working).

Preservation Age

Your preservation age depends on your date of birth:

• Born before 1 July 1960: 55
• Born 1 July 1960 – 30 June 1961: 56
• Born 1 July 1961 – 30 June 1962: 57
• Born 1 July 1962 – 30 June 1963: 58
• Born 1 July 1963 – 30 June 1964: 59
• Born after 30 June 1964: 60

You can access your super once you reach preservation age and meet a condition of release.

Conditions of Release

Retirement

• Preservation age to 59: You must cease gainful employment (work less than 10 hours per week) — considered retired permanently
• Age 60 and over: You can access your super when you cease employment (no minimum hours requirement)
• Age 65+: You can access your super regardless of work status

Transition to Retirement (TTR)

Once you reach preservation age (and are still working), you can start a Transition to Retirement Income Stream (TTR). This allows you to access up to 10% of your super balance per year as regular income while continuing to work. TTR earnings are tax-free if you're 60+.

Terminal Medical Condition

If you have a terminal illness with a life expectancy of less than 24 months (certified by two medical practitioners), you can access your super tax-free.

Permanent Incapacity

If you are permanently unable to work due to physical or mental disability, you can access your super. The amount includes preserved amounts and is partially tax-free depending on components.

Temporary Incapacity

If you're temporarily unable to work, you may be able to access benefits through insurance-linked income protection payments held within your super (not a full withdrawal).

Financial Hardship

If you're experiencing severe financial hardship, you may be able to access up to $10,000 (once per 12-month period). Eligibility:

• Receiving eligible government income support payments for 26+ consecutive weeks (and unable to meet reasonable living expenses)
• Or compassionate grounds assessed by the ATO

Compassionate Grounds (ATO)

You can apply to the ATO to release super for:

• Medical treatment (not available through Medicare)
• Modifications to your home for a severe disability
• Palliative care
• Funeral expenses (for a dependant)
• Preventing foreclosure on your home mortgage

Tax on Withdrawals

• Under 60: Lump sum withdrawals have a tax-free component (generally your after-tax contributions + part of the taxable component up to a cap)
• Age 60+: Super withdrawals (lump sum or income stream) are generally tax-free
• Death benefits: Tax depends on whether the beneficiary is a dependant (tax-free) or non-dependant (taxed)

How to Withdraw

1. Meet a condition of release
2. Contact your super fund (or log into your online portal)
3. Complete a withdrawal request form
4. Provide supporting documentation (e.g., proof of retirement, medical certificate)
5. Funds are paid to your bank account (typically within 2–10 business days)

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How Preservation and Access Rules Work

Super is deliberately locked away, and the lock has three layers. Preserved benefits cannot be touched until a condition of release is met; restricted non-preserved benefits become accessible when you leave an employer; and unrestricted non-preserved benefits (usually from pre-1999 contributions) can be withdrawn at any time. The main conditions of release are: reaching preservation age (55–60 depending on birth date) and retiring, turning 65, starting a transition to retirement income stream at preservation age, permanent incapacity, terminal medical condition, severe financial hardship, and compassionate grounds approved by the ATO.

Tax on withdrawals depends on your age. Under 60, the taxable component of a lump sum is taxed at 22% (including Medicare levy) up to the low rate cap — $245,000 for 2025-26 — and 47% above it; the tax-free component is always tax-free. From age 60, lump sums and income streams are entirely tax-free. If you start a TTR pension before 60, earnings in the pension remain taxable and your withdrawals are limited, so TTR mainly helps people transition from full-time work rather than accessing money early.

Action Plan: Accessing Super Legally in 2026

1. Confirm your preservation age from your birth date before planning any access.
2. Apply through your fund for retirement or TTR — you will need to complete a condition of release form.
3. For hardship or compassionate grounds, apply to your fund (hardship) or the ATO (compassionate) with supporting evidence; early access is strictly limited and audited.
4. If you are using the FHSS scheme for a first home, apply via myGov — it is a separate, legitimate pathway.
5. Beware of schemes promising early access to super — illegal early release arrangements carry penalties and the ATO actively targets promoters.