If you release your super early, it may affect the amount of other payments you get or tax you pay.
If you’re below preservation age you’ll need to pay tax on any money you get from your super.
Please read more on the Australian Taxation Office website about both:
You may need to pay your super fund a fee to have your super released early.
Centrelink and child support payments
An early release of super may reduce your Centrelink payments. This includes all of the following:
Early release may also impact the amount of child support you receive or pay.
Talk to an independent financial adviser before you apply for early release of super.
You can watch our video about choosing a financial adviser.
Read more about choosing a financial adviser on the MoneySmart website.
You can find a financial counsellor on the Financial Counselling Australia website.
Page last updated: 18 November 2020
This information was printed 25 November 2020 from https://www.servicesaustralia.gov.au/individuals/services/centrelink/early-release-superannuation/who-can-access-their-super-early/financial-impact. It may not include all of the relevant information on this topic. Please consider any relevant site notices at https://www.servicesaustralia.gov.au/individuals/site-notices when using this material.