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Member Information

Accessing your super

Superannuation is a tax-effective means of putting aside money during your working life for use in retirement. In order for your superannuation savings to remain tax effective into your retirement, they must remain in the superannuation system until you reach 'preservation age' as set by the Federal Government.

There are a number of circumstances under which you are able to withdraw part or all of your superannuation holdings from Accountants Super. The ways in which you can access your superannuation are detailed below:

1. Normal retirement
2. Departed Temporary Residents
3. Roll over to another Fund
4. Non-preserved Benefit
5. Severe Financial Hardship
6. Specified Grounds
7. Total & Permanent Disablement
8. To pay excess contributions tax as instructed by the Australian Taxation Office (ATO)
9. Terminal medical condition

Please note that proof of your identity may be required before you can access your super money.

 

1. Normal Retirement

The age of normal retirement is based on the 'Preservation Age' as set by the Federal Government. The Preservation Age is being increased from age 55 to 60, over a five year period, as follows:

Date of birth	Preservation Age
Before 1 July 1960	55
1 July 1960 - 30 June 1961	56
1 July 1961 - 30 June 1962	57
1 July 1962 - 30 June 1963	58
1 July 1963 - 30 June 1964	59
After 1 July 1964	60

If you have reached your Preservation Age, you may withdraw all or part of your superannuation entitlements, provided you are no longer working more than 10 hours a week, and do not intend to become employed in the future. At age 65, you are able to withdraw all of your superannuation entitlements, regardless of your employment status.

From 1 July 2007, there is no longer a compulsory exit age for super, which means you can leave any or all of your money in Accountants Super.

In order for Accountants Super to process your normal retirement claim, you are required to complete the Benefit Payments Form* and return it along with certified proof of identity.

If you are unsure of your full entitlements at normal retirement, you may obtain a benefit quote through eSuper. Contact the Customer Service Centre to gain access to this service.

* The Benefit Payments Form is available by contacting our Customer Service Centre on 1300 651 331. Specific proof of identification requirements will be explained to you when you call.

 

 2. Departed Temporary Residents

Non-residents of Australia (excluding New Zealanders**) have the option of accessing their superannuation benefits after they have permanently departed Australia.

The process for claiming your money is:

Step 1

Contact Accountants Super on 1300 651 331 for a Benefit Payments Form*. Our Customer Service staff can advise you of your account balance.

Step 2

Complete the Benefit Payments Form* along with:

• A copy of your passport showing your departure date
• A copy of the photo page of your passport
• A copy of the arrival stamp
• A copy of your visa showing expiry or cancellation information
• A written statement from the Department of Immigration and Citizenship (DIC), if your balance is $5,000 or more. You can contact DIC on 131 881.
• Your Tax File Number
• Your Australian bank account details. A cheque will be issued if no bank account details are provided

Step 3

Return the completed form to Accountants Super for processing. Our postal address is:

Accountants Super
GPO Box 3607
Melbourne, VIC 3001
AUSTRALIA

Should you have any further queries please contact either the Australian Taxation Office or the Department of Immigration & Citizenship.

**New Zealand citizens are not eligible to claim the balance of their Australian Superannuation benefits. Since 1973 Australia and New Zealand have an established 'Trans-Tasman Travel arrangement' whereby citizens of each country can live and work in the other country without need for a visa.

* The Benefit Payments Form is available by contacting our Customer Service Centre on 1300 651 331. Specific proof of identification requirements will be explained to you when you call.

 

3. Roll Over to another Fund

If you wish to transfer your account balance, or some of your super, to another super fund you will need to provide a transfer form with details and documents mandated by law, including proof of your identity. More information may be requested if you are transferring to a self managed super fund.

A Transfer of Benefits Form is available by contacting our Customer Service Centre on 1300 651 331, or you can use the new standard transfer form available from all super funds and the ATO.

This roll over will not be taxed, but will be subject to an exit fee.

 

4. Non-Preserved Benefit

Some contributions received before 1 July 1999 were not subject to Preservation, and are therefore not restricted by the Preservation Age as set out above. The portion of your superannuation holdings which is considered Non-Preserved would be detailed in your member statement sent to you at the end of each financial year.

If you are unsure as to whether you have Non-Preserved funds available, you should contact the Customer Service Centre on 1300 651 331.for more information.

Restricted Non-Preserved Funds can be withdrawn in many cases. To request your Restricted Non-Preserved funds, you must complete the Benefit Payments Form* and return it to us along with certified proof of your identity.

* The Benefit Payments Form is available by contacting our Customer Service Centre on 1300 651 331. Specific proof of identification requirements will be explained to you when you call.

 

5. Severe Financial Hardship

If you are experiencing difficulty in meeting day-to-day living expenses a Severe Financial Hardship payment is available. To qualify for this you must have been receiving Commonwealth Income Support Payments for a minimum of 26 consecutive weeks (a six month period), prior to making your claim. Commonwealth Income Support Payments include:

• An income support supplement, a service or social security pension, or a Centrelink benefit (Full time student benefits such as Austudy or Youth Allowance are excluded)
• A drought relief payment or exceptional circumstances relief payment under the Farm Household Support Act; or
• A payment from the Community Development Employment Projects Scheme.

In order for Accountants Super to process a Severe Financial Hardship claim, you are required to complete the Benefit Payments Form* and return it to us along with the following documentation to support your claim:

• A Q230 letter, issued by Centrelink, stating the duration and type of benefit payment you have been receiving (or letter from another relevant agency to your Support Payment). This must be forwarded to Accountants Super within 21 days of issue
• An income statement from Centrelink, or other relevant agency
• A Statutory Declaration detailing the circumstances around your claim
• A Financial Hardship Questionnaire. Contact the Customer Service Centre on 1300 651 331 to obtain this.
• Proof of all outstanding debts and bills.
• Certified proof of your identity.
• You are able to make a Financial Hardship claim once in any 12 month period, and the maximum amount you can receive is $10,000.

* The Benefit Payments Form is available by contacting our Customer Service Centre on 1300 651 331. Specific proof of identification requirements will be explained to you when you call.

 

6. Specified Grounds

The Australian Prudential Regulation Authority (APRA) has the jurisdiction to approve the release of superannuation savings on grounds specified by APRA. You can apply to APRA to have some or all of your superannuation benefits released to you in order to meet the following expenses:

• Treatment and transport for you or a dependant concerning life threatening illness or injury, acute or chronic pain, or acute or chronic mental disturbance. APRA must be satisfied that you don't have the financial capacity to meet the expense and that medical treatment is not readily available through the public health system;
• Modifying your home or motor vehicle if you or a dependant has a severe disability;
• Palliative care for you or a dependant;
• Mortgage repayments to prevent your bank or lender selling your home (this is limited by law).

To approve your application, APRA must be satisfied that you don't have the financial capacity to meet the expense and that medical treatment is not readily available through the public health system.

You need to apply to APRA before contacting us about withdrawing your super. You can contact APRA on 1300 131 060 or visit the website at www.apra.gov.au. Once your application has been assessed, APRA will notify you in writing of their decision.

To make a claim on Specified Grounds, you must send us the following:

• A completed Benefit Payments Form*
• Certified proof of your identity
• Written approval from APRA, less than 21 days old

* The Benefit Payments Form is available by contacting our Customer Service Centre on 1300 651 331. Specific proof of identification requirements will be explained to you when you call.

 

7. Total & Permanent Disablement

In order for a Total & Permanent Disablement claim to be processed by Accountants Super you will need to contact the Customer Service Centre on 1300 651 331 to discuss your specific circumstances. We will help you understand the requirements of both Accountants Super and the insurer (if applicable) to ensure that your eligible claim is processed swiftly.

 

8. To pay excess contributions tax as instructed by the ATO

If you receive contributions in excess of relevant limits, you may be required to pay an amount of excess contributions tax. This amount may be released from Accountants Super upon presentation of a release authority issued by the ATO. If you think this applies to you, contact the Customer Service Centre on 1300 651 331 to discuss your specific circumstances and how to proceed.

 

9. Terminal medical condition

To qualify for access under this circumstance, two registered medical practitioners have to certify (jointly or separately) that you suffer from an illness or injury that is likely to result in death within a 12 month period from date of certification. 

At least one of the medical practitioners needs to be a specialist in the area of your illness or injury and for each of the certificates (if more than one exists), the certification period must not have already ended.

A Benefit Payments Form is available by contacting our Customer Service Centre on 1300 651 331. Specific proof of identification requirements will be explained to you when you call.