Early access to super

Your client’s superannuation is designed to help build their long-term retirement savings. However, your client may be able to withdraw some of their superannuation benefits early if they meet certain conditions.

See below for more information on eligibility and how to make a request.

To discuss these requirements with a member of our team please speak to us via live chat on Adviser Online.

If your client needs extra support, we’ve compiled a list of external support organisations they can contact.

Before we can release your client’s superannuation on grounds of financial hardship, we’ll perform a test based on their age.

Test A: Client has not reached their preservation age plus 39 weeks

If your client hasn’t reached their preservation age plus 39 weeks (or has attained their preservation age plus 39 weeks but doesn’t satisfy the requirements in Test B):

• they must be currently in receipt of Commonwealth income support payments and have received such payments for a continuous period of 26 weeks (a Centrelink Q230 letter stating they have been in receipt of payments for 26 weeks is required as proof. Please note the letter must not be dated any earlier than 21 days before the date of the application), and
• the Trustee of the fund must be satisfied that they are unable to meet reasonable and immediate family living expenses. The minimum amount that can be withdrawn is $1,000 and the maximum amount is $10,000 (gross).

Your client can only make one withdrawal under severe financial hardship in any 12-month period.

Test B: Client has reached their preservation age plus 39 weeks

If your client has reached their preservation age plus 39 weeks:

• they must have received Commonwealth income support payments for a cumulative period of 39 weeks since attaining their preservation age (a Centrelink Q251 letter is required as proof), and
• they can’t be gainfully employed for 10 or more hours per week.

You can check if your client is under or over the preservation age on the ATO website.

Your client may apply to the Australian Taxation Office (ATO), via the ATO application portal, for release on compassionate grounds.

There are limited circumstances where benefits may be released on compassionate grounds.

Your client may be able to have superannuation released on compassionate grounds to meet unpaid expenses for:

• medical treatment for your client or their dependant
• medical transport for your client or their dependant
• modifying your client’s home or vehicle to accommodate special needs arising from their or their dependant’s severe disability
• palliative care for your client or their dependant’s terminal illness
• death, funeral or burial expenses for your client’s dependant, or
• preventing foreclosure or forced sale of your client’s home.

Your client can apply for early release of superannuation under permanent incapacity where:

• your client is unlikely, because of ill-health (whether physical or mental), to ever engage in gainful employment for which the person is reasonably qualified by education, training or experience.

If your client is suffering from an illness or has incurred an injury that is likely to result in their death within a specified period of no more than 24 months, they can apply for early release under Terminal Medical Condition.

If your client has worked and earned superannuation benefits while visiting Australia on a temporary visa, you can apply to have their superannuation benefit paid to your client as a Departing Australia Superannuation Payment (DASP) after they leave the country.

To be eligible for a DASP:

• your client must have been a temporary resident; and
• they must not be an Australian citizen, New Zealand citizen or permanent resident of Australia; and
• they must have left Australia; and
• their visa must have ceased to be in effect (i.e. expired or been cancelled).

Your client must have left Australia permanently before applying for the payment. They can’t hold a temporary or permanent visa, be an Australian or New Zealand citizen, be a permanent resident, or hold a Subclass 405 (Investor Retirement) visa or a Subclass 410 (Retirement) visa as described in Schedule 2 to the Migration Regulations 1994.

Please email the above required documentation to clientservicesupport@macquarie.com and we’ll be in touch to process your request.

In the email please also supply your client’s:

• full name
• date of birth
• account number/s
• address

Clients who’ve withdrawn amounts under the COVID-19 early release of superannuation program can now re-contribute them back into super if they choose. COVID-19 re-contribution amounts are not a new type of contribution – they are a personal contribution that the ATO will exclude from the client’s non-concessional contribution cap.

The applicable ATO-approved form must be provided to us before the contribution is made; otherwise we may not be able to process the request.

Your client will also need to complete a Direct Debit Request form to make a COVID-19 re-contribution.

You can find out more via our Big Black Book.

Can my client make a COVID-19 re-contribution without the ATO-approved form?

No, the client must provide notice by the ATO-approved form, either before or at the time of making the contribution.

The ATO approved form can be found on the ATO website under Notice of re-contribution of COVID-19 early release amounts (NAT75394).