There are limited circumstances that may enable you to access part (or all) of your super benefits prior to retirement.
Severe Financial Hardship - If you have received Australian Commonwealth income support payments continuously for 26 weeks and are unable to meet reasonable and immediate family living expenses.
Compassionate Grounds - Compassionate grounds include :
Terminal medical conditions, Total and Permanent incapacity - conditions apply; please contact BT Customer Relations for further information.
If you are an Australian citizen, New Zealand citizen, a permanent resident or if you are, at any time, the holder of a Subclass 405 (Investor Retirement) visa or a Subclass 410 (Retirement) visa, you may be eligible for release of benefits under severe financial hardship.
NOTE: Tax may be payable on your withdrawal.
How you withdraw your funds is determined by your category.
|
Your age |
Test category |
Elegibility requirements |
|---|---|---|
|
Any age |
A |
You're currently in receipt of Commonwealth income support payments and have been for at least 26 consecutive weeks; and The trustee must be satisfied that you are unable to meet reasonable and immediate family living expenses. |
|
Over 'preservation age' |
B |
You've been receiving Commonwealth income support payments for a cumulative total of at least 39 weeks since reaching 'preservation age'; and You are not gainfully employed on either a full-time basis or part-time basis on the date of application. |
If you are over preservation age and 39 weeks but do not meet the eligibility requirements for Test Category B, you may be eligible for Test Category A.
Your preservation age is the age at which you can access your super. Yor preservation age depends on your date of birth as per the below table:
|
Persons born: |
Preservation age |
|---|---|
|
After 30 June 1964 |
60 |
|
1 July 1963 - 3- June 1964 |
59 |
|
1 July 1962 - 30 June 1963 |
58 |
|
1 July 1961 - 30 June 1962 |
57 |
|
1 July 1960 - 30 June 1961 |
56 |
|
Before July 1960 |
55 |
The amount you can access will depend on which test you meet.
If you meet the Category A test, the minimum you can withdraw is $1,000 and the maximum you can withdraw is $10,000; these figures are before tax. If you superannuation account is less than $1,000 then the total superannuation account would be paid to you.
It is important that you carefully calculate the amount you require from your super as you can only claim once in any 12 month period where you are eligible under the Category A test.
If you meet the Category B test, there is no restriction on the amount you can withdraw under ‘severe financial hardship’.
You are an Australian citizen, New Zealand citizen, a permanent resident or if you are, at any time, the holder of a Subclass 405 (Investor Retirement) visa or a Subclass 410 (Retirement) visa.
You are experiencing one of the following circumstances:
Once we’ve approved your application, we’ll pay the approved amount into your nominated bank account. If this amount is all of your BT Super benefit, you should review any insurance arrangements you may have as we’ll close your super account and cancel any insurance cover attached to it.
If you have any questions regarding the ATO process and applicable tax consequences, please contact the ATO directly on 13 28 65 or visit the ATO website.