To be able to access benefits from an SMSF, a Member must meet a condition of release under Superannuation law preservation rules. The Trust Deed sets out the rules of the SMSF’s and can be restrictive, so it is possible that a benefit can be payable under the super laws but not under the rules of your SMSF.
In order for a Member to withdraw from the contributions to superannuation, one or more of the following conditions of release must be satisfied:
In some cases, Members are allowed to have access to their super benefits before reaching their preservation age. These are:
From 1 July 2020 to 31 December 2020, the ATO announced an early access to Super in response to the COVID-19 crises. For more info, please click here.
Eligibility criteria and how to apply for a condition of release of Super
To determine whether you are eligible for a condition of release of Super, click here. For more information about tax applied to these conditions, please view the ATO guidance on Withdrawing your Super.
For more information about how to start your pension, please refer to our pension page.