Splinters in the Bannister of Life

‘And worst part is i still can't access my super for financial hardship’

from a text message very recently from a 27 year tradie who had made a wack as FIFO & who had been chasing loans only be declined by thirty providers due to bad credit.

Sadly this isn't the first time that I have had this call over my 36 years in this trade.

So what are the rules to access your super?

Book a free 15 minute call and learn insights from our work with clients over the past 36 years.

Very briefly from ATO

There are very limited circumstances when you can access your superannuation early.

• You may be allowed to withdraw some of your super on compassionate grounds.
• You may be able to withdraw some of your super if you have received eligible government income support payments continuously for 26 weeks and are unable to meet reasonable and immediate family living expenses.
• You may be able to access your super if you have a terminal medical condition.
• You may be able to access your super if you are temporarily unable to work or need to work less hours because of a physical or mental medical condition. This condition of release is generally used to release insurance benefits from a super fund.
• You may be able to access your super if you are permanently incapacitated. This type of super withdrawal is sometimes called a 'disability super benefit'.
• You may be able to access your super if your employment is terminated and the balance of your super account is less than $200, or if you have formerly lost super held by a super fund or by us that is less than $200.
• To help you save for your first home, you can apply to release voluntary concessional (before-tax) and voluntary non-concessional (after-tax) contributions you have made to your super fund since 1 July 2017.

Be aware that some promoters claim to offer early access to your super by transferring your super into a self-managed super fund. These schemes are illegal and heavy penalties apply if you participate. Go to For more information.

So there needs to be a rainy day account PlanR for the inevitable hazards of life.

Eg This cash-style investment has consistently delivered monthly returns in a low-yield environment, recently paying investors in ***** received a net rate of return equivalent to 4.09%p.a****for January 2020

e.g. Investors with units in the *****received a net rate of return equivalent to 7.02% p.a****for January 2020.

e.g. multiple other options to tailor to you.

and 36 years of experience has proved to me that house equity is a no no as then the downward lack of discipline starts & compound interest works against you.

Book a free 15 minute call and learn insights from our work with clients over the past 36 years.

John McAuliffe