Withdrawals and accessing your super
The Commonwealth Government sets age-based limits on the amount you can withdraw each year.
Regular income stream payments
You must withdraw the minimum amount from your income stream account every year per the Commonwealth Government’s age-based limits (see the table below). You can choose whether you want to be paid fortnightly, monthly, quarterly, half-yearly or yearly.
- If you’re under age 65 and in a non-commutable income stream, there’s a maximum limit of 10% of your account balance that you can take.
- If you’re over age 65 and in a non-commutable income stream, there is no maximum limit on your annual income.
Table 1: Minimum income limits
|95 or more||14%|
One-off lump sum withdrawals
You can also withdraw lump sum amounts of $1,000 or more at any time, subject to Commonwealth preservation rules and tax if under age 60.
- Download the Super SA Income Stream Withdrawal form
- Return the completed form, along with any proof of identity documentation, to Super SA.
There are no charges for making withdrawals. Please note that Income Stream withdrawals can take approximately five business days to process.
Tax on withdrawals
- Once you reach age 60, all your payments will be tax free.
- If you are under age 60 payments will be taxed concessionally.
Investors under age 60 may be entitled to a tax free amount and a rebate.
Note: In its 2016 Budget the Commonwealth Government proposed changing the tax treatment of investment earnings for income streams used as part of a TTR or EATS strategy from 1 July 2017. This is a proposal only and is yet to be legislated.
For investors between ages 55 and 60, Super SA will send you a PAYG Payment Summary - superannuation income stream at the end of each financial year. Different rules apply if you decide to withdraw a lump sum.