Superannuation Financial Hardship
Experiencing Severe Financial Hardhsip
If you are experiencing severe financial hardship in certain cases you can apply for early release of your superannuation benefits.
You’re considered in severe financial hardship if you’re unable to meet reasonable and immediate family living expenses and are:
- below your preservation age,
- currently getting an eligible income support payment, and
- have received this eligible income support payment for a continuous 26 weeks
- not retired and have reached your preservation age,
- are getting an eligible income payment, and
- have received this eligible income support payment for a total of 39 weeks, since reaching your preservation age
To claim financial hardship some conditions may apply. For instance if you get ABSTUDY, Austudy or Youth Allowance you cannot apply for the early release of superannuation under severe financial hardship grounds.
A super withdrawal due to severe financial hardship is paid and taxed as a normal super lump sum.
The minimum amount that can be paid is $1,000 and the maximum amount is $10,000. You can only make one withdrawal from your super fund because of severe financial hardship in any 12-month period.
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