Seven ways to access your super
1. Reach a certain age
You can access your super when you reach:
- age 65, whether you’re working or not
- preservation age, which is age 60 for anyone born after 30 June 1964, and stop working. If you have another job or go back to work, you won't be able to access any future super contributions until you stop working again
- preservation age and receive your super as a pre-retirement pension, whether you’re working or not.
When can you access your super?
Super access calculator
|Superannuation 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|
|After 30 June 1964||60|
2. Have less than $200 in your super account
You can withdraw your super if you have less than $200 in your account when you're not contributing to your Mine Wealth + Wellbeing Super account or you find your lost super.
3. Permanent incapacity, terminal illness or death
You can access your super plus any insurance cover you’re entitled to if you:
- become permanently incapacitated. To be eligible to access your:
– account balance - you must meet the Mine Wealth and Wellbeing Superannuation Fund Trust Deed rules and the government’s definition of permanent incapacity
– insurance benefit - as for your account balance but you must also meet the insurance policy rules.
- have a terminal medical condition and two registered medical practitioners, one of whom is a specialist in the relevant field, have certified you suffer from an illness or injury likely to cause death within 24 months.
- die. Your dependants or estate will be entitled to receive your account balance plus any insurance payable on your behalf. To notify us of who you’d like to receive your super and insurance, complete a Nominate your beneficiaries form.
4. Financial hardship and specified compassionate grounds
The government may let you access some of your super under certain circumstances, such as:
- financial hardship. If you’ve received Centrelink income support payments continuously for 26 weeks and can’t meet reasonable and immediate family living expenses, you may be able to access some of your super
specified compassionate grounds. These include medical treatment and transport, mortgage assistance, modifications to home and transport to accommodate a severe disability, funeral assistance and care for a terminal medical condition. You need to apply directly to the Department of Human Services on 1300 131 060 to access your money.
5. Temporary resident
A temporary resident is a person holding a temporary visa under the Migration Act 1958. If your visa has expired or was cancelled and you've permanently left Australia, you can withdraw your super by completing an Access your super after leaving Australia form. If you’re a temporary resident the taxable part of your benefit will be taxed at 35% and the untaxed part of your benefit will be taxed at 45%, while if you’re a working holiday maker your full benefit will be taxed at 65%. These tax rates don’t include the Medicare Levy.
If you have a right to retire in Australia then you're not a temporary resident and you can't withdraw your super. This includes people who:
- are Australian or New Zealand citizens (New Zealand citizens may be able to transfer their super to New Zealand)
- are permanent Australian residents
- hold a retirement or investor retirement visa.
6. Contributing too much into super
If you go over the before-tax contribution cap, you can withdraw up to 85% of the excess contributions and have the excess amount included in your assessable income and taxed at your marginal tax rate, along with an interest charge. You'll receive a 15% tax offset for the contributions tax already paid by your super fund.
If you go over the after-tax contribution cap, you can withdraw the excess amount and any earnings and include the earnings as part of your income.
7. Having non-preserved super
If you put money into super before 1 July 1999 this money is non-preserved. There are two types of non-preserved money:
- unrestricted non-preserved, which you can access at any time
- restricted non-preserved, which you can access when you leave your employer. This money includes contributions made between 1 July 1983 and 30 June 1999.
Withdrawing non-preserved super is subject to Mine Wealth + Wellbeing's rules.
How do withdrawals affect my account?
When you make a withdrawal units are deducted from your account by dividing the amount you're withdrawing by the unit price applicable on the date you do the withdrawal.