Here is what you need to know about cashing in your superannuation early.
To cash in super benefits, a member must satisfy one of the conditions of release outlined by the ATO.
Unrestricted non-preserved benefits may be cashed at any time.
This is a simple video created by the ATO to help understand what it means to access your super early. You can also read the simple guide below:
In special circumstances at least part of a member’s super benefits can be released before the member has reached preservation age. These are:
- terminating gainful employment
- permanent incapacity
- temporary incapacity
- severe financial hardship
- compassionate grounds
- terminal medical condition
So, obviously it is not an ideal circumstance to apply for an early release from your super. If you need help with questions around this subject, please CONTACT US or call 1800 674 435.