Conditions of release
Published Date: 1 Aug 2023
Superannuation conditions of release refer to the circumstances under which superannuation fund members can access their accumulated retirement savings. This abstract provides a concise overview of the key conditions governing the release of superannuation benefits. The eligibility criteria for accessing superannuation benefits vary depending on a member’s age, employment status, and certain health conditions. Generally, members can access their superannuation on reaching age 65, retiring from employment after reaching preservation age, being diagnosed with a terminal illness, or suffering permanent incapacity. Many aspects of the conditions of release are technical in nature and may not always align with the plain English understanding of the terms, particularly retirement. However, their importance is significant as accessing superannuation without having met a condition of release is illegal early access. This is one of the most serious breaches of superannuation law which can result in heavy penalties for SMSF trustees and tax consequences for members.
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- Published By: Julie Steed
- Published On:1 Aug 2023
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