Transferring and withdrawing your benefit 

There are a number of Government restrictions on when you can transfer or access your super. This guide explains some of the key aspects to consider when transferring and withdrawing your super from Kinetic Super.

You can access some or all of your super in the following situations:

  • reaching age 65 
  • leaving an employer once you turn 60 
  • when you leave an employer and have less than $200 in your account 
  • reached preservation age and using a transition to retirement strategy to open an account-based pension 
  • reaching preservation age (see preservation age table) and permanently retired 
  • permanently leaving Australia after being a temporary resident 
  • becoming totally and permanently disabled 
  • suffering from a terminal medical condition 
  • experiencing severe financial hardship 
  • qualifying on compassionate grounds 
  • withdrawing your unrestricted non-preserved benefit.

All these situations relate to the preserved part of your super account. Any unrestricted non-preserved amounts – usually after tax contributions made before 1 July 1999 – can be withdrawn at any time. Both preserved and non-preserved super may be subject to tax if you withdraw it before turning 60.

What happens if you have under $200?

If you have ceased working for your contributing employer and your account balance is under $200 you may access your benefit as a cash payment.

What retirement age can you access your super?

To access your super savings, generally you need to have permanently retired from work and have reached your preservation age. Your preservation age is 55 if you were born before 1 July 1960. Higher preservation ages apply to younger people.

Date of birth Preservation age
Before 1 July 1960 55
1 July 1960 to 30 June 1961 56
1 July 1961 to 30 June 1962 57
1 July 1962 to 30 June 1963 58
1 July 1963 to 30 June 1964 59
1 July 1964 or after 60

Can you access unrestricted non-preserved money?

Yes, an unrestricted non-preserved benefit can be accessed without age restrictions and without a change in employment status, however tax may be incurred.

What paperwork do you need to complete to withdraw?

If you satisfy the requirements to access your super benefit for retirement, you will need to provide the following to Kinetic Super:

  • complete the Request for Benefit Payment form and complete the relevant sections
  • provide certified copy(s) of proof of identification documents.


Note: We cannot accept fax or emailed certified copies of documents.

Transferring between funds

Do you have to leave us when you change jobs?

No. Leaving your employer doesn’t mean that you have to leave Kinetic Super. You can leave your super with us and ask your new employer to pay your Superannuation Guarantee (SG) into your super account.

However, if you still would like to transfer your benefit to another fund, you will need to:

  • complete the Request for Benefit Payment form, and 
  • ensure we have your Tax File Number (TFN).

How do we protect you?

You will need to prove your identity when you transfer money between super funds. Your TFN is the easiest way for us to identify you and will be used to confirm your identity with the Australian Tax Office (ATO).

If you choose not to provide us with your TFN, you will need to provide identity documents to Kinetic Super for us to be able to process your request.

  • If your transferred amount is:
  • greater than $10,000, you will need to provide certified copies of your identity documents, or 
  • less than $10,000, you will need to provide copies of your identity documents. For further information regarding what documents you will need to prove your identity, please refer to page 5 of this fact sheet.

What if you are a New Zealand resident leaving Australia permanently?

If you moved from New Zealand to Australia, and have now permanently left Australia to return to New Zealand, this doesn’t give you access to your super. However, from 1 July 2013 eligible members may transfer their retirement savings between Australia and New Zealand after their emigration from one country to another.

For further details, please refer to the Super Fact Sheet – Trans-Tasman (Aus-NZ) Retirement Savings Portability Scheme 

Transferring to a Self-managed Super Fund (SMSF)?

We’ll confirm the status of your SMSF on the Super Fund Lookup website, to check if you are complying fund.

Once we have confirmed your fund’s status, we’ll need to verify that you are listed as a member of the SMSF using the ATO’s online Member Verification system.

By law, we can only transfer your benefit to a SMSF if you are a member of that fund.

What you need to provide?

Once we have confirmed that your SMSF is complying and you are a member of the SMSF, we can process your request provided you have:

Completed the Transfer to a SMSF form; 

  1. Provided certified copy(s) of proof of identification
  2. documents; and 
  3. Provided a copy of your SMSF bank statement (no more than three months old) 

Other types of withdrawals

Can you withdraw your super on compassionate grounds?

You can apply to access your super on compassionate grounds if you or your dependant(s) need the money to pay for:

  • medical or dental treatment 
  • transport for medical or dental treatment 
  • arrears on your mortgage to prevent your home being sold by your lender
  • modifications to your home or vehicle to accommodate a severe disability 
  • palliative care for a terminal illness 
  • expenses associated with your dependant’s death, funeral or burialmedical expenses (including medical transportation) 

Applications and decisions for compassionate grounds are made directly with the Department of Human Services (DHS) and not by the Fund. 
Visit to register or log into your MyGov account. MyGov is a fast and simple way to access government services online. 
Once registered you can apply for the early release of your super in the personal details section of your Centrelink online account.

Can you access your super if you are experiencing severe financial hardship?

To be considered eligible for early access on severe financial hardship grounds, you must first satisfy the following criteria. If you're aged under preservation age and 39 weeks, you can apply for one payment of up to $10,000 in a 12-month period if:

  • you’ve received Commonwealth income support payments for a continuous period of at least 26 weeks 
  • you’re receiving these payments when you make your application for payment under financial hardship, and you’re unable to meet reasonable and immediate family living expenses.

However, if you are aged over preservation age and 39 weeks you can apply for any amount if:

  • you’ve received Commonwealth income support payments for a cumulative period of at least 39 weeks after reaching preservation age, and 
  • you are working less than ten hours a week at the time of the application.

Decisions on the release of benefits on financial hardship grounds are usually made by Kinetic Super. 

Temporary residents

What if you are a temporary resident leaving Australia permanently?

If you’re a temporary resident who has permanently left Australia, you have six months to claim your super from us. If you don’t, we’ll transfer your benefit to the Australian Taxation Office ATO). Once transferred, you’ll need to contact the ATO to claim your benefit.

You can apply for a Departing Australia Superannuation Payment (DASP) after you leave Australia, if:

  • you visited on a temporary visa (excluding visa subclasses 405 and 410), and 
  • your visa has expired or has been cancelled.

What do you need to do?

The easiest way to claim your super is to apply online using the DASP Online application.

Simply visit the ATO website and complete the online application. The ATO will notify us once your application is ready for processing.

Once you’ve submitted your request, please confirm with us if you need to provide further documentation. 

Under $5,000 No further documentary evidence will be required if you meet the following conditions:
  • your account balance is below $5,000;
  • your application is for the full balance of your account; and
  • no further contributions are to be paid on your behalf into the super account.
Over $5,000

If your account balance is greater than $5,000, you will need to provide us with:

  • a certified copy(s) of proof of identification documents;
  • any further details that the ATO or we may request to verify your identity or visa status.

Once your application has been processed, the Fund will issue a cheque to the address you provided in your DASP Online Application.

The following tax will apply:

  • 0% for the tax-free component 
  • 38% for a taxed element of a taxable component 
  • 47% for an untaxed element of a taxable component Find out more about DASP via 


Important things to consider before withdrawing

How are you taxed on withdrawals?

When you receive a payment from your Kinetic Super account after you turn 60, it will generally be tax-free. If you receive a payment from your account before turning 60, it will be divided into a tax-free and a taxable component.

Components Tax treatment if under 60
Tax-free No tax payable
Taxable If aged under your preservation age, the payment is taxed at 22%*.

If aged between preservation age and 59 years, the first $195,000 is
tax-free and the balance is taxed at 17%* (this is a lifetime limit which is indexed annually).

* including the 2% Medicare Levy. These tax rates are for the financial year 2015/2016 and apply to Australian residents.

Why is it important to check if we have your TFN?

It’s your responsibility to provide us with an accurate TFN.

If you have not provided this, the Government requires us to tax your withdrawal at a higher marginal rate. You can do this online via Member Online Services or by calling 1300 304 000.

Will you lose any benefits if you leave us?

If you cash out or transfer your super, you will also automatically lose any Kinetic Super insurance cover from the day you exit the fund. This means if you die or become totally and permanently disabled, you or your family will not be able to make a claim with us.

It may also be a good idea, particularly if you’re changing super funds, to compare the features, costs and waiting periods of the other fund’s plan and insurance cover before you make the move.

How is your final payment calculated?

Benefit payments (full or partial withdrawals) are made using the latest declared sell unit price on the day the transaction is processed which may differ from the date your request is received.

Investment movements are reflected in the weekly unit price that is declared and applied to your account and when you transact on your account. This includes withdrawals from your account.

A withdrawal fee of $50 will be deducted from your account balance when you exit.

Did you know? If you’ve reached preservation age, we offer a low-cost pension plan.

  • grow your super savings and income when you're still working
  • turn your super into a tax-effective income for your retirement
  • enjoy super tax breaks (e.g. tax-free investment earnings)
  • pay no tax on your pension payments if you are aged 60 or over
  • may improve your eligibility for the Government Age Pension.

Kinetic Superannuation Ltd (KSL) has engaged Industry Fund Services Ltd (IFS) (ABN 54 007 016 195 AFSL 232514) to provide financial advice services in relation to KSL’s superannuation products. These financial services are provided by IFS under IFS’s Australian Financial Services License, not by KSL, and therefore KSL is not responsible for the services.

Member Education & Advice Consultants are employed by KSL and are Authorised Representatives of IFS.