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Transfer balance cap. The transfer balance cap applies from 1 July 2017. It is a limit on the total amount of super that can be transferred into the retirement phase. The transfer balance cap is set at $1.6 million for the 2017\u201318, 2018\u201319, 2019\u201320 and 2020\u201321 income years.
If you haven't reached your preservation age, the maximum amount you can withdraw under severe financial hardship is $10,000, and this can only be made once in a 12 month period. To apply for an early release of your super under severe financial hardship payment, contact us on Live Chat or call us on 1300 300 778.
You can get your super when you retire and reach your 'preservation age' \u2014 between 55 and 60, depending on when you were born. There are special circumstances where you can access your super early.
Generally speaking, you can only access your superannuation as a lump sum after turning 60 if you meet a condition of release, such as retiring from the workforce, leaving a job or waiting until you turn 65.
Can I take all my super as a lump sum? The short answer is yes, you can withdraw your entire super account balance as a lump sum if you like. The government's 2020 Retirement Income Review noted research by the Productivity Commission (PC) found less than 30% of super benefits were taken as lump sums.
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People also ask

If you withdraw a super lump sum, the lump sum does not count as income for the income test, but what you do with those funds can affect your Age Pension. These funds could potentially be included in your asset and income tests.
The minimum amount that can be withdrawn is $1,000 and the maximum amount is $10,000. If your super balance is less than $1,000 you can withdraw up to your remaining balance after tax. You can only make one withdrawal in any 12-month period.
There are absolutely no restrictions to accessing your Super Benefit when aged between 60 and 64 after you are retired. There are two ways you can access your Super; either as a lump-sum payment or as a pension.
Under the "Proportioning Rule" this means that 80% of your Pension withdrawals will be tax free and 20% will be taxable where the Pension withdrawals are made between preservation age and 59. Assume you withdraw the minimum pension of 4% per annum on your $500,000 Super Benefit (ie $20,000).
When we receive your completed form, we'll make your payment to your bank account within 5 business days \u2013 you'll also need to allow another 1-3 days for your bank to process the payment.

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