When can I access my super?
Super benefits are there to fund your retirement. Generally, most of your super will be preserved. This means that you’re able to access your super when you've reached:
- Your preservation age and have permanently retired
- Your preservation age and are starting to transition to retirement (income stream)
- 60 and have ceased a gainful employment arrangement
- 65 years old (it doesn't matter if you've retired)
You can also access your preserved super if you meet a condition for early release. If some of your super is unrestricted non-preserved, you can access this at any time. You’ll be able to see if any of your super is unrestricted non-preserved by logging into your account or checking your most recent statement.
What’s my preservation age?
From 1 July 2024, you are of preservation age if you are at least 60 years of age.
Can I access my super early?
In certain situations you may be allowed to withdraw your preserved super early. These include:
- Severe financial hardship
- Compassionate grounds
- Temporary residents permanently departing Australia
- Terminal medical condition
- Permanent incapacity
For more information and other circumstances, see early access to your super on the ATO website.
Severe financial hardship
If you are in severe financial hardship, you can apply to us for the early release of some of your preserved super. You will need to meet the following conditions:
| Your age | Conditions you must meet | How much you can apply to withdraw | |
|---|---|---|---|
| A | Under preservation age plus 39 weeks | 1. You have been on an eligible Commonwealth Government income support payment* for a continuous period of 26 weeks, and 2. You are unable to meet reasonable and immediate family living expenses. |
You can withdraw a minimum of $1,000 and a maximum of $10,000. You can only make one withdrawal from your Cbus Super account in any 12-month period. |
| B | Preservation age and 39 weeks or over | 1. You have been on an eligible Commonwealth Government income support payment for a cumulative period of 39 weeks after you have reached your preservation age, and 2. You are not gainfully employed on a full or part-time basis on the date of the application for your benefit. |
There are no restrictions on how much you can withdraw. |
- As part of your application, you’ll need to confirm you're receiving eligible Commonwealth Government income support by providing us authority to verify this directly with Centrelink. Eligible Commonwealth Government income support payment includes an income support supplement, service pension, social security benefit (excluding austudy or a youth allowance) or a social security pension (this is not an exhaustive list).
- If we are unable to verify you are receiving an eligible Commonwealth Government income support payment, we can’t assess your claim.
- For more information or to apply, use our Financial hardship benefit payment application form (PDF).
Compassionate grounds
In limited circumstances, you may be able to access your super on compassionate grounds. You’ll need to apply to the Australian Taxation Office (ATO) to access your super to help pay for:
- Medical treatment for you or your dependant
- Medical transport for you or your dependant
- Modifying your home or vehicle to accommodate special needs arising from your or your dependant’s severe disability
- Palliative care for your or your dependant’s terminal illness
- Death, funeral or burial expenses for your dependant
- Preventing foreclosure or forced sale of your home
You can find more information on eligibility requirements, eligible expenses, and how to apply on the ATO website.
Temporary residents departing Australia (DASP)
If you’ve worked in Australia on a temporary resident visa, you may be able to claim any super you were paid if:
- You worked in Australia on a temporary visa (except subclass 405 or 410 temporary visas)
- Your visa has expired or been cancelled
- You’ve left Australia
- You’re not a citizen or permanent resident of Australia
- You’re not a citizen of New Zealand.
To check if you’re eligible to receive your super benefit, contact us or on +61 2 8571 6550 (from overseas) or to find more information in the How to claim your super once you’ve left Australia fact sheet (PDF).
You can find more information on DASP on the ATO’s website.
How will my DASP be taxed?
Generally, these tax rates will apply:
| Component | Tax rate for non-working holiday maker visa holders | Tax rate for working holiday maker visa holders |
|---|---|---|
| Tax-free component | Nil | Nil |
| Taxable component – taxed element | 35% | 65% |
| Taxable component – untaxed element | 45% | 65% |
How do I claim my DASP?
You can use the ATO’s DASP online application system to apply.
If we still have your super, you can also complete a Application for departing Australia superannuation form and return it to us. Otherwise, if the ATO have your super, you complete the Application for payment of ATO-held superannuation money form and return it to the ATO directly.
Terminal medical condition
A terminal medical condition exists if all these conditions are met:
- Two registered medical practitioners have certified, jointly or separately, that the person suffers from an illness or an injury that is likely to result in the death of the person within 24 months of the date of the certification.
- At least one of the registered medical practitioners is a specialist practising in an area related to the illness or injury suffered by the person.
- The 24 month certification period from the date of the certifications (see point 1 above) has not ended.
If approved, any withdrawals you make are tax-free.
Contact us on 1300 722 152 and we can help you make a terminal illness claim.
Permanent incapacity
We may be able to release your super if you’re unlikely, because of ill health, to engage in gainful employment that you are reasonably qualified for by education, training, or experience.
Contact us on 1300 722 152 and we can help you make a claim. You might also have total and permanent disablement (TPD) insurance cover that you can claim. Find out more on the TPD claim process.
Further reading
Nominate a beneficiary
Your super doesn’t automatically become part of your estate when you die.
That’s why it’s important to nominate at least one beneficiary to receive your super.
Super and divorce
Going through a separation or divorce can be a stressful time.
The financial decisions you make now could have a big impact on your life in the future, so take the time to consider your options.
Keep your super safe
Protecting yourself from financial scammers is crucial to keeping your super safe. Be on high alert for scammers by securing your personal details and only talking to a financial adviser you trust.