When can super be accessed?

Contribution splitting

The government’s rules around the splitting of contributions allow members and spouses to split their super contributions between their accounts.

CHECK MY PRESERVATION AGE

Salary sacrifice

An easy strategy that allows you to boost your super from your pre-tax salary and potentially pay less tax.

Member has passed away

Catch-up contributions

If you don’t use your entire pre-tax (concessional) contribution cap at the end of each financial year, you may be able to contribute the remainder in future financial years.

Access Super early

Important things you need to know

Before you make a withdrawal here are a few things that you need to know and understand:

  • your retirement balance may be reduced
  • you may need to pay tax - If you are aged 60 or over, lump sum withdrawals and income payments are generally tax-free. Under the age of 60, the amount of tax you pay will be based on things such as how much you withdraw, the ‘taxable components’ of your super balance, and your marginal rate of tax. For more information and to work out the tax that applies to withdrawals or payments from super click here
  • your government benefits may be impacted, such as your entitlement to a Government Age Pension – for more information click here
  • your insurance cover may be impacted – If there are insufficient funds in your super account to cover your insurance premiums after a  withdrawal any insurance cover you have through this account will cease
  • you may be being targeted by a scam – for more information about the illegal early release schemes and scams identified by the ATO click here.

We suggest you seek financial advice on which withdrawal option is right for you including any potential impacts. To talk to an adviser from TelstraSuper Financial Planning call 1300 033 166 or request a call.