Early release of super is possible only in limited circumstances, such as severe financial hardship and compassionate grounds.
If you withdraw your super before meeting a condition of release, then you will have accessed it early and that’s illegal.Superannuation law prohibits a fund from providing financial assistance to members or their relatives under any circumstances, including lending money on arm’s length commercial terms.
So, with an SMSF, it’s you who’ll make the decision, and it’s you who will be questioned should there be any issue about eligibility. Accessing your super because of severe financial hardship requires certain conditions to be met regarding social security payments and, generally, this requirement prevents many people from qualifying.
If you’re applying to a public-offer fund, like a retail or industry fund, you may find that the fund can get this information directly from Centrelink. In addition, the trustee must be satisfied that you’re unable to meet your “reasonable and immediate family living expenses”. Living expenses include overdue mortgage repayments, rent arrears, outstanding bills, car repairs and medical expenses.If you qualify, you can only receive a lump sum benefit of up to $10,000 per year.Aged at least preservation age plus 39 weeks
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