Access your Super

When can I access my superannuation?

Generally, you can’t access your superannuation until certain conditions are meet. Each one of these conditions are knows as a ‘Condition of Release’ and include:

+ Attaining age 65SMSF Access
+ Retirement
+ Permanent Incapacity
+ Termination of gainful employment with an employer who had contributed to the fund.
+ Attaining Preservation Age
+ Terminal Medical Condition
+ Compassionate Grounds
+ Severe Financial Hardship
+ Temporary Incapacity
+ Permanent departure from Australia by temporary residents
+ Lost member who is found
+ Release authority for excess concessional contributions tax or excess non-concessional contributions tax

Once a condition of release has been meet, depending of the type of condition, you may access some or all of your super . But be careful. Just because you satisfy one condition of release doesn’t automatically entitled you to all you super. You should always check with your smsf+options adviser before you withdraw any funds. Accessing your super incorrectly is a breach of the super rules, which may result in large fines or serve tax consequences, Once you have met these criteria, you can access your superannuation in three ways:

  1. As a lump sum payment
  2. As an income stream (an Account Based Pension or Transition to Retirement Income Stream etc)
  3. A combination of both

Depending on your age and the type of benefit being withdrawn, their maybe tax consequences as a result of the withdrawal. You should check with you smsf+options adviser to what is the best way for your to access your super.