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:
- terminating gainful employment
- permanent incapacity
- temporary incapacity
- severe financial hardship
- compassionate grounds (e.g. medical treatment, palliative care, funeral expenses and disability aids)
- terminal medical condition
For the 2019 and 2020 financial years, the ATO announced an early access to Super in response to the COVID-19 crises. For eligibility criteria and more info, please click here.
Eligibility criteria and how to apply for a compassionate release of Super
For more information about how to start your pension, please refer to our pension page.