To access superannuation, one must meet conditions such as reaching preservation age and retiring, being diagnosed with permanent or temporary incapacity or a terminal condition. This guide covers all of the different conditions as well as the preservation age table.
To access your/your client's superannuation, you/your client must meet one of the following conditions of release:
- Reaching preservation age (see below table) and retires
- Reaching age 65
- Reaching age 60 and having permanently retired from the work force
- Diagnosed as permanently incapacitated
- Diagnosis by a specialist in the field which will be reviewed by out trustee
- Diagnosed as temporarily incapacitated
- Diagnosis by a specialist in the field which will be reviewed by out trustee
- Diagnosed as having a terminal medical condition
- Diagnosis by a specialist in the field which will be reviewed by out trustee
- Death
- Being in severe financial hardship
- For specific compassionate grounds
- Where a lost member is found, and the value of the benefit is less than $200 when released
- If you were an Australian resident and are now on permanent departure to New Zealand with a nominated Kiwi Saver scheme
- If you are taking part in the first home super saver scheme.
Further details and definitions of the above conditions of release can be found here on the Australian Taxation Office’s (ATO) website.
Preservation age table
Date of birth |
Preservation age |
|---|---|
| Before 1 July 1960 | 55 |
| 1 July 1960 to 30 June 1961 | 56 |
| 1 July 1961 to 30 June 1962 | 57 |
| 1 July 1962 to 30 June 1963 | 58 |
| 1 July 1963 to 30 June 1964 | 59 |
| On or after 1 July 1964 | 60 |