Accessing superannuation early

You may be able to withdraw some of your superannuation benefits early if you 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 contact us via live chat.

If you're in need of extra support, we have compiled a list of external support organisations you can contact.

We understand life can take unexpected turns and we’re here to help. Your super is designed to help build your long-term retirement savings. However, there are times when you may be able to access your super early and experiencing severe financial hardship is one of them. If you have an adviser, please speak to them about discussing your options further.

You may be able to withdraw some of your superannuation benefits early if you meet both of these conditions:

• You’ve received an eligible government income support payment continuously for the last 26 weeks; and 
• You’re unable to meet reasonable and immediate family living expenses.

If you withdraw super due to severe financial hardship, it is taxed as a super lump sum.

The minimum amount that can be withdrawn is $1,000 and the maximum amount is $10,000. If your super balance is less than $1,000 you can withdraw up to your remaining balance after tax.

You can only make one withdrawal in any 12-month period.

If you have reached your preservation age plus 39 weeks and you were not gainfully employed when you applied, there are no cashing restrictions.

You can check if you’re under or over the preservation age on the ATO website.

Depending on whether you meet either of the above criteria, and wish to proceed, please fill out the Macquarie Wrap Super and Pension Withdrawal/Rollover form AND severe financial hardship form.

Please email the above required documentation and a completed withdrawal form to clientservicesupport@macquarie.com and we’ll be in touch to process your request. In the email please also supply:

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

If you don’t meet the above requirements, the Australian Taxation Office (ATO) may be able to assess your case on compassionate grounds. Contact the ATO directly to discuss this option on 13 10 20.

To contact a financial counsellor, and for other financial assistance, please click here.

You may be allowed to withdraw some of your super on compassionate grounds for unpaid expenses. This is where you have no other means of paying for these expenses.

The amount of super you can withdraw is limited to what you reasonably need to meet the unpaid expense.

Compassionate grounds include needing money to pay for:

• Medical treatment and medical transport for you or your dependant
• Making a payment on a home loan or council rates so you don't lose your home · Modifying your home or vehicle to accommodate your or your dependant's severe disability
• Palliative care for you or your dependant
• Expenses associated with the death, funeral or burial of your dependant.

The Australian Taxation Office (ATO) assess your case on compassionate grounds. Contact the ATO directly to discuss this on 13 10 20.

If you’re approved for early release of superannuation under compassionate grounds, we’ll require the below documentation:

• A copy of the ATO approval letter confirming you have been approved for early release under compassionate grounds
• A completed and signed withdrawal form.

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 full name
• Date of birth
• Your account number/s
• Your address

If you’re diagnosed with a condition which makes it unlikely you’ll be able to return to work, you may be able to access your super early. This type of super withdrawal is sometimes called a 'disability super benefit'.

Your superannuation fund must be satisfied that you have a permanent physical or mental medical condition that is likely to stop you from ever working again in a job you were qualified to do by education, training or experience.

To apply for early release of superannuation under permanent incapacity in a bulk sum, we’ll require:

• Two (2) Medical practitioner statements completed by two (2) separate medical practitioners (who must be registered with the Medical Board of Australia)
• One (1) Member declaration (Section 1 of the Medical Practitioner’s form)
• Completed and signed Withdrawal/Rollover form.

If you’d like to instead set up an invalidity pension, we’ll require:

• Completed Tax file number declaration
• Completed Pension Update Request form
• Two (2) Medical practitioner statements completed by two (2) separate medical practitioners (who must be registered with the Medical Board of Australia)
• One (1) Member declaration (Section 1 of the Medical Practitioner’s form)
• Completed and signed Withdrawal/Rollover form.

Before you send us this information

Please check your Medical practitioner statements are fully completed. They must also:

• Be dated and signed within the last 6 months (Please note it is important for medical practitioners to stamp their forms)
• Indicate how long you have been a patient of the respective registered medical practitioner(s)
• Indicate that you have been in consultation with the registered medical practitioner(s) for a minimum of 6 months
• Clearly specify the full date (i.e. DD/MM/YYYY) you stopped being capable of engaging in gainful employment for which you’re reasonably qualified by education, training or experience (Note: BOTH medical practitioners must confirm the same full date as the last date of gainful employment otherwise the Trustee may require additional supporting evidence to confirm this date)
• Be a full diagnosis of your condition.

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 full name
• Date of birth
• Your account number/s
• Your address

You may be able to access your superannuation benefits early if you have a terminal medical condition. To apply for early release of superannuation under Terminal Medical Condition, we’ll require:

• Two (2) Medical practitioner statements completed by two (2) separate medical practitioners:
  • One (1) Medical practitioner statement signed by a registered medical practitioner who is a specialist practicing in an area relating to the member’s condition, and
  • One (1) Medical practitioner statement signed by a registered medical practitioner who the member has been in consultation with for a minimum of six months (not applicable to medical specialists).
• Completed and signed Withdrawal/Rollover form.

Before you send us this information

Please check your Medical practitioner statements are fully completed. They must also:

• Be dated and signed within the last 6 months (Please note it is important for medical practitioner to stamp their forms)
• Indicate how long the member has been a patient of the respective registered medical practitioner(s)
• Be a full diagnosis of the member’s condition
• State that in the medical practitioner’s opinion the member 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).

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 full name
• Date of birth
• Your account number/s
• Your address

If you’ve worked and earned superannuation benefits while visiting Australia on a temporary visa, you can apply to have this superannuation benefit paid to you as a departing Australia superannuation payment after you leave the country.

To be eligible for a DASP (Departing Australia super payment):

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

You must have left Australia permanently before applying for the payment. You cannot be a holder of a temporary or permanent visa, an Australian or New Zealand citizen, a permanent resident, a holder of a Subclass 405 (Investor Retirement) visa or a Subclass 410 (Retirement) visa as described in Schedule 2 to the Migration Regulations 1994.

Applying for DASP

Once you’ve left the country permanently, you can then apply for DASP. Depending on the amount of money held in the superannuation account, there are different ways in which to apply.

• Over $5,000 – you must contact the ATO for information on how to apply for the release of superannuation funds. See ATO website.
  • Completed and signed Withdrawal/Rollover form
• Under $5,000 – you can contact Macquarie to assess the application for DASP. Required documents to be sent:
  • Completed and signed Withdrawal/Rollover form
  • Proof that you were a temporary resident (i.e. Visa) and proof that you have now left the country. 

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 full name
• Date of birth
• Your account number/s
• Your addres