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Tax
If you’re below preservation age you may need to pay tax on any money you get from your super.
Read more on the Australian Taxation Office website about:
You may need to pay your super fund a fee to have your super released early.
Centrelink payments
You need to tell us if you access your super early. You can tell us by calling us on your regular payment line and in some cases updating your details online.
Early release of super for you or your partner may reduce your Centrelink payments. This includes all of the following:
Child Support payments
You may need to tell us if you access your super early. If you have estimated your income you can tell us by updating your details online. If you want more information call us on the Child Support Enquiry Line.
An early release of super may increase your taxable income. This can impact the amount of Child Support you receive or pay.
Read more about how your income affects your child support.
Update your details online
Accessing your super early may increase your income or assets that we use to work out the payments you get. If you access your super early you can update some of these details online. You can do the following things to make sure your income and assets details are up to date with us:
- update your family income estimate if you get Family Tax Benefit or Child Care Subsidy
- update your income and asset details if you get an income support payment
- update your estimated income if you pay or receive child support.
Talk to someone
Our Financial Information Service offers tools, resources and information that can help you make more informed financial decisions.
If you’re having problems with finances or struggling to repay debts, you can get help. The National Debt Helpline provides a free, confidential and independent financial counselling service.
You can also find a financial counsellor on the National Debt Helpline website.