You may be eligible to access your super early if you receive government income support and it’s not enough to cover your expenses.
If you are looking to apply for early release of super as a result of COVID-19, please read the Government’s fact sheet
If you are eligible for early access to superannuation, you apply directly to
the Australian Taxation Office through the myGov website: You can also e which explains the new measure announced and gives you information on how to apply.
Severe financial hardship is a situation where living and family expenses are in excess of the money you receive through government support, such as the Department of Human Services or the Department of Veterans’ Affairs.
Accessing your super on the grounds of financial hardship can be done in one of two ways. How you go about it will depend on whether or not you’ve reached your preservation age.
If you’ve not yet reached your preservation age, you can receive a maximum of $10,000 as a lump sum in a 12 month period. Applicants over their preservation age have no restrictions.
Under superannuation law, we can only release your super to you on the grounds of severe financial hardship if you can meet specific eligibility criteria. It’s important to understand how it works before starting an application.
We’re here to support you through the application process, so if you have any questions or just want to have the rules explained, contact our member service centre.
Things to keep in mind
Your government support payments
The Department of Human Services look at your whole financial position when calculating your eligibility for benefits. Any payment you receive from super could affect what you receive as a pension. Be sure to do your research and understand how your benefits may be decreased by accessing your super.Visit Centrelink
You may be charged tax on withdrawal
How much you get taxed will depend on your age and whether you’ve given us your tax file number. Your super is made up of tax-free and taxable amounts, and we will calculate how much of your before-tax super should be released for you.Read more
There may be alternative pathways
You might be able to apply for early access to your super on compassionate grounds. And if that’s not an option, speak to one of our financial advisers.Read more
Conditions of eligibility
To be eligible for release of your superannuation benefit on grounds of financial hardship, you must meet the conditions of either Case 1 or Case 2.
You must have been a member of First State Super for greater than 6 months in accordance with the eligibility criteria.
Download this form if:
Download this form if: