You are able to take money out of your superannuation fund if you meet a Superannuation Condition of Release.

The purpose of superannuation is to assist with covering your living expenses once you have ceased work.

Superannuation is important because it ensures that the burden on the Government to fund people in old age is not too high.

The Government offers tax concessions relating to superannuation in order to make it an attractive environment for savings.

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Tax concessions are available for certain contributions made into your superannuation account, tax on earnings within a superannuation account and drawing an income stream from superannuation.

However, these tax concessions are only available on the premise that you don’t take money out of your superannuation fund until you meet specific conditions.

When Can I Take Money Out of My Superannuation Fund?

You are required to meet a Superannuation Condition to Release prior to accessing your superannuation savings.

Generally, a Superannuation Condition of Release related to retirement from the workforce, reaching age 65 or dying.

However, there are a number of other Conditions of Release that may allow you to take money out of your superannuation fund. Here is a complete list.

You can even have partial access to your super while still working, provided you have reached your superannuation preservation age.

Taking money out of your superannuation fund should be discussed with a professional adviser, such as your accountant or financial planner (or your superannuation provider at the very least), as this is can be a complex area of superannuation law and penalties can be harsh for getting it wrong.

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Chris Strano

Chris Strano is a specialist independent superannuation author for SuperGuy.com.au - one of Australia's leading superannuation information resources.

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