Withdrawals and accessing your super
Age-based Commonwealth preservation rules determine when you can access your super in the Flexible Rollover Product.
When you can access your super from the Flexible Rollover Product
For most people their Commonwealth Government preservation age is between 55 and 60. In order to access your preserved funds you need to meet one of the following requirements:
- you have retired permanently from the workforce having reached your Commonwealth Government preservation age
- you have ceased an employment arrangement after the age of 60
- you reach age 65
- you become totally and permanently disabled
- you have a terminal medical illness
- suffer severe financial hardship
- qualify under compassionate grounds
- you die.
Commonwealth Government preservation rules are different from preservation rules in Triple S and other Super SA schemes. You need to be aware of this if you are rolling money out of a Super SA scheme and into the Super SA Flexible Rollover Product.
Withdrawals from the Flexible Rollover Product
You can withdraw some or all of your funds subject to Commonwealth Government preservation rules and tax if under age 60. The minimum amount you can withdraw is $1,000.
There is no limit on the number of withdrawals you can make. The cost of each partial withdrawal is $20 with the cost of the first waived each financial year.
- Download the Super SA Flexible Rollover Product Withdrawal form
- Return the completed form, along with any proof of identity documentation, to Super SA.
- Withdrawals 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.