Noel Whittaker is the author of Wills, Death & Taxes Made Simple and numerous other books on personal finance. Email: [email protected]

Superannuation has become a major asset for most Australians, yet there is still confusion about the rules. What’s worse, many people are still put off by thinking it’s a complex area, when really, for most people, the rules are simple, and understanding them can provide great opportunities to build wealth.



Today, I will talk about access to super. The system is based on the premise that the government gives tax concessions today to keep people off welfare tomorrow. Therefore, early access is deliberately difficult: you cannot withdraw anything from your superannuation until you reach your preservation age unless there are extenuating circumstances – such as extreme hardship.



The preservation age is 60 for everybody, and once you reach that age, withdrawals are tax-free. But you can only get your hands on your money between ages 60 and 65 if you either retire permanently or trigger a condition of release, which you can do by resigning from a job – it need not be your main job.

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