Super benefits are there to fund your retirement
Generally, you’re able to withdraw from you super when you've reached:
- your preservation age and have permanently retired
- your preservation age and have started a transition to retirement strategy
- 60 and have ceased working in an employment arrangement
- 65 years old (it doesn't matter if you've retired).
Your super may also be accessed by your beneficiaries after you’ve died.
What’s my preservation age?
|Date of birth||Preservation age|
|Before 1 July 1960||55|
|1 July 1960 - 30 June 1961||56|
|1 July 1961 - 30 June 1962||57|
|1 July 1962 - 30 June 1963||58|
|1 July 1963 - 30 June 1964||59|
|1 July 1964 or after||60|
All super contributions and all investment earnings made after 1 July 1999 are preserved in super. Before you request to withdraw some or all of your super from Cbus, we recommend you seek professional financial advice.
Can I access my super early?
In certain situations you may be allowed to withdraw your super early. If you have unrestricted non-preserved money in your account, you can withdraw it when you resign from an employer. Otherwise, you may be able to withdraw your super early in the following circumstances.
For more information and other circumstances, see early access to your super on the ATO website.
Severe financial hardship
Members in severe financial hardship can apply to Cbus for the early release of all or part of their super. You may be able to withdraw some of your superannuation if:
|Your age||Conditions you must meet|
|A||Under preservation age||
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.
|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.
As part of your application, you will need to confirm you're receiving eligible Commonwealth Government income support by either:
- providing evidence issued by Centrelink* (dated within 21 days of submitting your application)
- providing Cbus authority in your application to verify this directly with Centrelink.
We may not be able to assess your application if we are unable to verify you are receiving a government income support at the time of your application.
The minimum amount you can be paid is $1,000, or the full balance if less than $1,000. The maximum amount is $10,000† less any applicable tax.
Under severe financial hardship, only one withdrawal from your Cbus account can be made in any 12-month period.
*Eligible Commonwealth Government income support payment means, an income support supplement, service pension, social security benefit or a social security pension.
†There is no maximum if the member is aged over preservation age and 39 weeks.
In limited circumstances, you may be able to access your super on compassionate grounds.
Provided you’re a permanent resident of Australia, the Australian Tax Office (ATO) will assess, and may approve, the early release of your superannuation.
This will cover the following costs for you or your dependants:
- Medical treatment and transport - For a life threatening illness or injury, including acute or chronic pain
- Mortgage payments - Assistance with home loan payments to avoid foreclosure
- Home or vehicle modifications- To accommodate severe disability
- Palliative care or funeral expenses- Expenses associated with a terminal illness, death, funeral or burial.
You can read more about early release of superannuation by clicking on the links below. Or contact ATO on 13 10 20 to discuss your situation.
Temporary residents departing Australia
As a temporary resident working in Australia, your employer is required to make Super Guarantee contributions for you, if you’re eligible.
When you depart Australia permanently, you’re entitled to claim your superannuation.
This payment is called the Departing Australia Superannuation Payment (DASP). It needs to be claimed within six months of your departure, and the expiry or cancellation of your temporary visa.
The process to release your super payment will depend on whether your benefit amount is above or below $5,000. If the amount is below $5,000 you can apply to Cbus. If the amount is above $5,000 you must apply via the Australian Tax Office online.
If you don’t claim your super within six months of departing Australia, your super payments may be transferred to the Australian Tax Office (ATO).
You’re NOT eligible if you:
- are an Australian or New Zealand citizen
- hold a permanent or current temporary visa
- are a temporary resident who has left Australia and receives an income stream
- hold a retirement visa (subclasses 405 and 410).
How will my super be taxed?
Generally, these tax rates will apply:
- 0% for the tax-free component
- 35% for the taxed element of a taxable component
- 45% for an untaxed element of a taxable component.
- 65% for contributions made while on a 417 (working holiday) visa or a 462 (work and holiday) visa.
How do I claim my super?
If it’s less than six months since you left Australia and you’re eligible to access your super, contact Cbus Advice Services.
Who gets my super when I die?
You can choose who gets your superannuation when you die by nominating a beneficiary.
You can make two types of nomination:
You choose the people who receive your super benefits*. This ensures the balance of your super account, plus any insurance benefit, is paid to the eligible person.
You may nominate beneficiaries, however Cbus will follow a legal process to make the final decision on who gets your super benefits.
*Binding nominations must be renewed every three years.
You can read more about beneficiaries by clicking on the links below.