Withdrawal of Super - Hardship?

 Author: taxfriend(Superuser)Superuser

3 Mar 2025

If you're under your preservation age plus 39 weeks, you need to meet both these conditions:

• You have received eligible government income support payments for a continuous period of 26 weeks.
• You are not able to meet reasonable and immediate family living expenses.

The minimum amount that can be withdrawn is $1,000 and the maximum is $10,000.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've reached your preservation age plus 39 weeks, you need to meet both these conditions:

• You have received eligible government income support payments for a cumulative period of 39 weeks after you reached your preservation age.
• You were not gainfully employed at the time of applying.

There are no restrictions on how much you can withdraw if you meet the age and the other 2 conditions.

There are no special tax rates for a super withdrawal because of severe financial hardship. Withdrawals are paid and taxed as a normal super lump sum. If you're under 60 years old, this is generally taxed at between 17% and 22%. If you're over 60 years old, you won't be taxed unless the lump sum includes an untaxed element.

When you can access your super early | Australian Taxation Office

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