Accessing your super

If you've reached your preservation age and would like to start accessing your super without retiring, you can opt to receive an income from an NGS Transition to retirement (TTR) account. Many people use this option to transition into retirement by reducing their work days and supplementing their income with a TTR income stream.

Each financial year, you can access up to a maximum of 10% of your TTR account balance. You can find more details in our Understanding transition to retirement fact sheet.

If you're looking to purchase your first home, you may be eligible to access a lump sum of up to $30,000 (or $60,000 for couples) plus associated earnings from your super fund. You'll need to have made eligible personal before-tax or after-tax contributions since 1 July 2017, as well as meeting a list of specific requirements. For full details on eligibility and how to apply, read our First home super saver scheme information sheet.

If you're experiencing genuine financial hardship, you may be granted early access to your funds in super. To get an idea of what 'financial hardship' may look like, examples include being unable to meet the costs of daily living, or your bank threatening to repossess your home due to defaulted mortgage repayments.

Generally, you'll need to be able to show your super fund that you've been receiving Commonwealth income support payments for a certain period of time, and provide proof of your inability to meet living expenses. You can find details on eligibility and how to apply in our Gaining access to your super fact sheet.

In some cases, super may be released early on compassionate grounds, for instance, where you have an obligation to meet unpaid expenses for:

• medical treatment and medical transport for you or a dependant
• palliative care for you or a dependant
• payment on a loan or council rates so you don't lose your home
• modifying your home or vehicle, or buying disability aids for you or a dependant because of a severe disability
• a death, funeral or burial of a dependant.

To access your benefit on compassionate grounds, your application must be considered by the Australian Taxation Office (ATO) before we can make a final decision about releasing your super. You can find more information on the ATO's website.

To apply for release of super on compassionate grounds, you'll need to complete the ATO's online application through myGov as well as our Request for withdrawal form.

If you were working in Australia as a temporary resident, you may be paid your super (less tax) should you suffer from a terminal medical condition, permanent incapacity or death.

You may also be paid your super if you have worked in Australia under a temporary visa and you leave Australia permanently. This is referred to as a departing Australia superannuation payment (DASP).

Generally, you can claim a DASP if:

• you accumulated super while working in Australia on a temporary resident visa
• your visa has expired or been cancelled
• you have left Australia and don’t hold any other active Australian visa
• you are not an Australian or New Zealand citizen, or a permanent resident of Australia.

A DASP release could be subject to tax as high as 65%. You can find more details on the Australian Tax Office (ATO) website.

If you are a temporary resident departing Australia permanently and you haven’t claimed your super benefit within six months of becoming eligible to do so, it may be paid to the ATO as unclaimed money. You should then claim your super benefit directly from the ATO. Under relief from the Australian Securities and Investments Commission (ASIC) we are not required to notify you or provide an exit statement if your super is paid to the ATO.