VIC Can I Withdraw ATO Held Superannuation?

[GaryG]

My superannuation has been deemed "unclaimed" and is now held by the ATO. The website says "You may be able to withdraw your ATO-held super if you meet the conditions." Whilst these conditions don't seem to be listed anywhere, the form has listed as a reason "I have had super transferred to the ATO as a small or insoluble lost member account."

Does this mean that everyone (including me) that has had their superannuation transferred to the ATO can now withdraw it, rather than transferring it to another super fund? Obviously, this would be preferable.

Thanks for any help.

 

[Smiley]

Hard to do so, but maybe.

Superannuation is designed and legislated so you do not access it until you are of preservation (retirement) age. Therefore seeking to access it prior to this will mean you are seeking to buck the design of superannuation and the legislation behind it. As you can imagine, there is a lot of paperwork involved if you were to do so.

Contact the ATO, they are quite helpful. There will be a list of certain (limited) conditions whereby yes you can access your super. Though if you do so, you should be aware that you will be heavily taxed. It is likely you have already been taxed 15% and if you access your super prior to retirement, you will be taxed approximately another 30% (from memory).