As superannuation is there to support you once you stop working, you normally can't withdraw it until you reach a certain age and retire. However, some super funds allow you to take it out early if you are facing severe financial hardship and meet the requirements set by the Australian Government.
Who can access their super in financial hardship
How much and how often you can withdraw super for financial hardship depends on your age.
| Your age |
How much super you can withdraw |
Eligibility notes |
| Under 65 |
$1,000 - $10,000
before tax
|
You must:
- Have received eligible government income support payments for 26 weeks in a row and are still receiving these payments when you apply
- Show you are unable to pay reasonable and immediate family living costs, such as utility bills, groceries, or rent
- You own less than $50,000 in assets (not including your home).
You can only apply to access your super after 12 months has passed since your last financial hardship payment.
If your super balance is less than $1,000, you can apply to take out the full amount.
|
| Reached your access age |
Up to your full balance |
You must be:
You don't need to wait 12 months between financial hardship payments, and you can apply through the under-65 rules if you don't meet these eligibility criteria.
|
| Reached your access age and retired |
Up to your full balance |
If you've reached your access age and retired, you can access your super any time, even if you're still under 65 years old. |
| 65 years and over |
Up to your full balance |
Once you're 65 years old, you can access your super any time without applying for financial hardship, even if you're still working or looking for work. |
Financial hardship vs compassionate grounds
Taking out your super due to "financial hardship" is different from accessing your super on "compassionate grounds".
The main difference is that you don't need to be getting government income support payments to access your super early on compassionate grounds.
Also, you can only get your super money on compassionate grounds if you are unable to afford things like medical treatment, your mortgage, or a funeral.
Find out more about compassionate grounds.
How to apply for your super due to financial hardship
- Find your Centrelink Customer Reference Number (CRN) as you will need this when completing your application form. You can find your CRN on letters you've received from Centrelink or on your Centrelink concession card, if you have one.
- Complete our Severe Financial Hardship Application form, which can be found at the back of the Early Release of Superannuation Benefits due to Severe Financial Hardship factsheet (pdf).
- Send your completed form to qsuper@qsuper.qld.gov.au or to our postal address.
- Once we receive your application, we'll aim to process your request within seven working days.
What else to consider
- Your superannuation is designed to help you prepare financially for retirement, so if you take it out now, you may have less money to spend once you finish work.
- If you access your super before you reach the required age set by the government, the taxable part of your super will be taxed at a maximum rate of 22% (plus applicable levies). If you wait until you reach age 60 to access your super, no tax is payable.
- An early release of super may reduce your Centrelink payments or impact the amount of child support you receive or pay. Contact Centrelink for more information.
For more information about accessing your super early, visit the Australian Taxation Office.
Need financial support?
There's help available if you're struggling with money issues.
- Free financial counselling - The National Debt Helpline is a not-for-profit service that helps Australians work through their debt problems.
- Crisis and special help - The Australian Government has a range of services if you're in severe financial hardship, recovering from a disaster, or need special support.