Early release of superannuation on financial hardship grounds 003-09020000
Expand allCurrent Zero Rate (CZR) and the 14 day rule
Periods of Current Zero Rate (CZR) are a break in payment of income support. This is because CZR generally means the customer has income over the income threshold in that fortnight.
Some exceptions apply. A non-payment or CZR period can be disregarded if:
- a customer's income support payment may have been suspended, then restored from a later date. If the resulting gap is less than 14 days, it can be disregarded when assessing a continuous period
- a payment is cancelled and a new payment granted with gap between them of more than 1 day, the continuous payment will be broken
- the customer is on a pension payment (for example, PPS) and received part supplement payments during a CZR period. For these cases refer to the PNGI screen to confirm a customer’s early release of super eligibility
Examples - CZR (income) and continuous periods
Table 1
Examples - applying the 14 day rule
Table 2
Preservation age for access to superannuation
Table 3: This table advises the earliest age at which a customer can normally access their superannuation. It is called the preservation age. See the Australian Taxation Office website for more details on preservation age.
|
Date of Birth |
Preservation Age |
|
Before 1 July 1960 |
55 |
|
1 July 1960 - 30 June 1961 |
56 |
|
1 July 1961 - 30 June 1962 |
57 |
|
1 July 1962 - 30 June 1963 |
58 |
|
1 July 1963 - 30 June 1964 |
59 |
|
From 1 July 1964 |
60 |