To be eligible for early withdrawal of super due to financial hardship, you must meet all of the following criteria as set by the Australian Taxation Office.
- 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.
- You have not already made a withdrawal in the previous 12 month period.
The minimum amount that can be withdrawn is $1,000 and the maximum is $10,000.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.
There are tax implications as a result of performing an early withdrawal of funds.
Please seek professional advice before making this decision.
Simple Choice cannot deviate from the eligibility requirements set out by the Australian Taxation Office. If you are not eligible, please see withdrawal under Compassionate Grounds.