Frequently asked Questions and Answers

Money Matters Key Questions & Answers

The COVID-19 crisis that Australia and the rest of the world is coming to grips
with has caused immense concern for many of us. See our frequently asked questions and answers.

For further clarification around options available to you, contact Craig at HQB Financial Solutions here.

You, or someone you know, may have questions or concerns that relate to financial matters, such as accessing super, managing income stream payments, applying for social security entitlements, aged care bonds and more. Frequently asked questions and answers are the best way to narrow your search.

We have put together some information to help you navigate these uncertain times and to answer some frequently asked questions. More information and details will become available soon as these measures are legislated.

Q: Can I access my super to help meet expenses?

Super is an investment that is generally only able to be accessed when you retire. To access your super savings, you need to meet what is known as a ‘condition of release’. The Government has also introduced a new option to access some of your super savings where you’re in financial distress as a result of Coronavirus.

While the conditions of release to access super are quite restrictive before retirement or reaching age 65, there
are certain instances where you may be able to get early access to some of your super. These include:

  • severe financial hardship (see next question)
  • specified compassionate grounds (see page 2)
  • under the new temporary access measures as a result of Coronavirus, and
  • reaching ‘preservation age’ where you can start a ‘transition to retirement pension’, taking annual income payments of up to 10% of the account balance.

Note: Preservation age ranges from 55 to 60, depending on your date of birth. For more information see

You can fully access your super when you:

  • reach your preservation age and declare retirement
  • cease an employment arrangement after turning age 60
  • reach age 65
  • are permanently disabled, or
  • are terminally ill.

Unfortunately, if you lose your job but don’t meet a condition of release or the requirements for the new Coronavirus related condition, you’re not able to access money in super.

Note: To understand more about these conditions of release and the tax you may have to pay on amounts you withdraw
from super, please speak to your financial adviser, or visit for more information. If you receive a Government
benefit or concession, it’s also important to check how any amount you withdraw could impact your entitlement.

Continue to full article Money Matters Uncertain times

Frequently asked questions and answers

Ready to get started?

Let's Talk

Our Code of Conduct

Integrity & Professional Conduct

Conflicts of Interest

Service Standards

Best Interests

Informed Client Consent

Professional Expertise

Read our Code of Conduct

Sign up to our newsletter for helpful advice from HQB, directly to your inbox!