Travelling in Europe? Here’s how to save money on your adventure

PLANNING ON TRAVELLING IN EUROPE?  HERE’S HOW TO MAKE YOUR MONEY LAST SO YOU CAN GO FURTHER. 

While most of us love the idea of doing a bit of globe-trotting for a weeks to a few months (or even longer), it goes without saying that – unless you’re incredibly shrewd and can hitch-hike your way across the continent – you’re going to need a fair bit of money behind you.  If you secured a Superannuation refund after your time in Australia, then you’ll know doubt have a few quid to spare but even so,  stretching your refund will be a good idea. Europe is a continent that’s  rich in culture but can also be fairly costly depending upon how much you wish to take in – so saving is of course a must!  Beyond this, there are a few handy measures you can bear in mind if you’re hoping to make your money travel as far as you on your next continental break.

Go By Bus!

Yes – while bus travel may not be as common or as glamorous in some other corners of the world, it’s perfectly reasonable to save yourself a little money by booking cheap coaches ahead of time to get you from point A to B.  For example, if you’re heading to the UK, services such as National Express and Megabus offer extremely low long-distance travel – from £3 upwards if you book ahead!

Go Off-Peak

It’s tempting to travel in the summer, isn’t it?  Trouble is, plenty of other backpackers will have had the same idea.  If you either wait a month or two beyond peak season or hop across to Europe before good weather really hits, you’ll slash considerable cash on accommodation, tourism and more besides.  Do pack extra layers if you’re headed to Scandinavia in the spring!

Check Local Card Services

Many European tourist boards and areas will offer deals which appeal directly to those travelling from afar who wish to take in as much as possible.  Consider appealing to the tourism board that’s likely to cover you (a good idea generally to find inexpensive hostelry and things to do) and you could pick up a card that may cover you for a set amount of local travel at a flat, one-off fee – as well as for entry to certain tourist sites.

Go Against the Grain!

Sweden, Britain, Germany, Italy – all immensely popular – and the cost will reflect this.  Why not look further afield at less commonly visited settlements – ever thought about checking out Bulgaria, Latvia, Poland or Malta?  You could save yourself some serious pennies by checking out some of Europe’s lesser-visited tourist attractions.

Book Group Tours

Now there are group tours and their group tours. Depending on your idea of a holiday or travelling you’ll need to pick the right tour but doing this could save you a packet and you’ll be going home with awesome memories. Croatia Sailing tours like Sail Beats are immensely popular as they offer a unique mix of culture, music and sailing, while bus tours from London across Europe will help you cover travel costs, accommodation and access to various events.

There’s plenty of ways to save money when travelling to Europe – and this is just the start!  Plan ahead – and budget wisely – and you’ll have a great time regardless of the cash involved.

Thinking you’re ready for this trip to Europe? If you worked in Australia for 1-4 years you may well be able to claim back your superannuation.

Saving Money on Accommodation Australia

If you’re planning on travelling around Australia then you will obviously need somewhere to stay. Unless you’re a strange new breed of traveller who doesn’t need to sleep, it’s safe to assume that you’ll be looking at different types of accommodation for your travels.

It’s a fixed cost, and it’s one that you can plan with plenty of time, so make sure that you search around for some good deals. Accommodation is one of the most expensive parts of travelling. But if you make sure that you’re booking with plenty of time then you can ensure that you have looked around then you can make sure that you’re getting the best deals.

There are a number of ways you can save money on your accommodation. So if you are backpacking around Australia then you’ve come to the right place!

Hospitality Exchanges

This is a great way to get free accommodation. That’s right – free. Stay with someone local and you’ll get a free place to rest your head as well as some great info about the local area. There are many websites online which show you who is available to share their house with. So many travellers recommend this way of doing things, because you get such a unique experience.

Many people are apprehensive about trying this because they worry about it being safe. However, everyone on these sites are rated by people who have stayed with them. Many of them are former travellers and know what you’re going through so are happy to open their homes to like-minded people.

Hostels

For saving money on accommodation Australia, hostels are the Holy Grail. Many people think of hostels as a young person thing, or places which are dirty and gross. This couldn’t be more untrue of many hostels in Australia. Lots of these places offer single rooms, double rooms and smaller rooms for those who aren’t comfortable staying with strangers. A lot of hostels in Australia also offer more features than many hotels, making them great alternatives.

If you’re travelling in a group then you can book a big room for your whole group and then you won’t have to stay with strangers. However if you’re travelling on your own and don’t mind getting up close and personal with people you don’t know then hostels are perfect. The bigger the room, the bigger the cost – so remember that when booking.

Short term rentals

These are perfect for those who know they are going to be staying in one place for a while, or for those who want a base that they can set out from. These short term rentals work well for those on a budget because you can choose whether to rent a room or an entire place. This means you can choose something to suit your budget. Most of the places here are also really nice, modern and well looked after.

Australia in particular has a good reputation for apartments which are rented on a week-by-week basis. If you’re travelling on your own then they can be more expensive than some of the other options on this list. But if you’re in a small group then these are a great choice. It means that everyone in your group can stay together in your very own little apartment. You can get the use of a kitchen here, meaning you can cook your own meals – further reducing your costs.

For people who are after something a little different there are two more options for cheap accommodation. Farm stays and Monastery stays.

This sounds a little weird at first, but bear with us. There are many farms where you can stay for free or a reduced cost, as long as you help out around the farm. There are basic camping facilities or luxury rooms – so where you stay depends on your budget. You can also stay on farms for a small fee, without having to do any of the work.

The really different accommodation on this list is staying at a monastery. These places are not luxurious by any means, but for those looking for something off the beaten track then they are perfect. All the meals are prepared by the monks and nuns, and they are happy to talk to you about their way of life. Great for those who want to learn a little on their travels. Most of these places simply ask for a donation – so the price is up to you.

Do you have any other tips for saving money on accommodation Australia? Let us know!

Backpacking Australia doesn’t have to be an expensive affair. With the tips provided above, you can still have fun while travelling on a budget.

Did you know there are over $540 million unclaimed Australian Superannuation payments? Let’s make sure yours not going to end up on the unclaimed pile  Apply for your Superannuation Refund today.

Backpacking Australia on a Budget

 

A sizable portion of Australia is desert, with the largest found in the famous outback.

Rainforests dot the northeastern portion of the country, while the eastern and southeastern edge contain the Great Dividing Range that stretches 2,300 miles.

With so much to explore, you run the risk of going over budget. But there are ways you can still backpack around Australia without spending too much.

Here are ways to backpacking Australia on a budget but still managing to have fun:

Opt for alternative forms of accommodation

Backpacking on a budget means letting go of certain comforts. Instead of booking a hotel, you can save more money by staying at a hostel. Australia is a big country and every town has a decent hostel you can spend the night.

Another option is to embrace nature. You’re already on a backpacking trip so why not sleep outdoor as well? Australia has many national parks, a lot of which have campsites that you can use for a small fee and in some cases, free of charge.

You can also rent a campervan for the entire duration of your trip so you both have a means of transport and a place to sleep at night. You can even buy some pots and pans to do your own cooking.

Go for pocket-friendly means of transportation

Australia is a huge country – it occupies an entire continent, really. Driving between destinations, especially cities that are states apart, can take a while. Flying will definitely get you there faster and you can save money by booking with a budget airline with domestic flights across the country.

While in Australia, learn to love public transport – that’s if you don’t decide on renting a car or buying one. Buses may be slow but when you’re on a budget, it is worth the hassle.

Forego the usual places to eat

 It might be tempting to head into a restaurant for a meal, but if you fear ruining your budget, you can always cook your own food. Hostels usually have mutual kitchens that can be used for cooking. Camping also allows you to make your own food.

Making your own food is great, but where will you buy food? The local markets are your best bet. The daily or weekly farmers’ markets offer a range of fresh produce that allow you to cook your favourite meal even when on the road.

If all else fails, you can always go for food stalls which generally sell food cheaper compared to restaurants and cafes.

Read More:  Money Saving Tips for your Australian Food Shopping

Take advantage of anything provided for free

You don’t always have to pay to enjoy the best of Australia. And the best way to learn about the country is to visit its many free museums. So when you’re in a town with a museum that is freely open to the public, don’t miss the opportunity to drop by and learn a thing or more about the country.

Employ money-saving tactics

A national park is a usual destination for an Australian backpacking trip. Since Australia has loads of them – with many of them iconic – the best way you can save money to visit more than one is to purchase a national park pass.

Communication is so important when on the road. You have to let family or friends know where you are so they don’t worry. Since overseas communication can be expensive, make use of free WiFi to use one of several communication apps.

You can also get yourself a local SIM card in case you want to call someone local or ring up different establishments.

Backpacking Australia doesn’t have to be an expensive affair. With the tips provided above, you can still have fun while travelling on a budget.

Did you know there are over $540 million unclaimed Australian Superannuation payments? Let’s make sure yours not going to end up on the unclaimed pile  Apply for your Superannuation Refund today.

Save Money during Your Trip to Australia in Just 3 Ways

Australia is not exactly an inexpensive place to visit or live in. But with a bit of knowledge, you will be able to save money while you live comfortably and enjoy your next adventure.

It is a fact that you need to spend money when travelling, and setting a budget is the least fun part of the entire process. It must be done, however. One thing you need to do is to save money before your trip.

It’s understandable that you’d want to buy a new pair of jeans or shoes before you fly out, but think about how that cash can help pay for a diving trip in the Great Barrier Reef or a campervan rental.

You should also book your trip in advance and in bulk.

Lots of travel agencies, airlines and hotels offer discounted prices for early booking. If you book all your travel needs in one go, you can also take advantage of bundle rates that will be a lot cheaper than if you were to book separately.

Once you arrive, don’t stop saving money. There are ways to stretch those notes to put you in the best position possible while in Australia.

Ways to Make the Most of Your Trip without Breaking the Bank

Share accommodation

If you are travelling in a group, splitting the cost of accommodation is one way to make a dollar go a long way. But you can stretch it further if you opt for shared accommodation instead of a fancy hotel. Such types of accommodation are available for short-term leases that you can split amongst yourselves.

Travelling alone?

Contact shared accommodation specialists to help you find cheap accommodation or sharing options with other tourists and travellers. Doing so will not only save you money but also give you an opportunity to meet new people.

Make sure the accommodation you choose has a kitchen that you can use, which is necessary for the next part.

Buy your own food

Eating out in Australia, even when you just buy a pizza or kebab, can add up and will cost you in the long run. You can dine in a restaurant once in a while but you should buy groceries and cook your own food if you want to save money. This is especially true if you plan to stay longer than 2 weeks.

This is why you need a kitchen in wherever place you will be staying.

When you hit the supermarket, make sure to buy in big batches and hit the deli up for your chicken and meats.

Get a Job

In Australia, working while travelling is more than possible. In fact, it is a favourite option for many students, backpackers, and travellers.

It is best that you have a working holiday visa so you will have plenty of job options to choose from. If you don’t, however, you can always get a job for a few weeks or so that doesn’t require a visa.

The advantage of a visa is that you can apply for farm jobs and an opportunity to apply for another working holiday visa if you do agriculture work for 3 months in a specified area in Australia.

If approved, you can use your next working holiday visa any time before you turn 31.

Just remember that farm jobs are not exactly the easiest but these may include accommodation and food that will save you a whole lot more during your stay. Since shops are far from farms, you won’t be tempted to splurge every time you receive your pay as well.

To avoid any problems, don’t work for farmers who will pay you in cash which is not only illegal but could also mean not being paid on time.

Final Thoughts

Australia is one of the best places to travel, work, and live in. But because it’s not as cheap as other destinations, being smart before and during your visit is sure to pay off.

Did you know there are over $540 million unclaimed Australian Superannuation payments? Let’s make sure yours not going to end up on the unclaimed pile  Apply for your Superannuation Refund today.

How to Claim your Superannuation

If you are a holder of a temporary visa and have worked and earned while on a visit to Australia, you are entitled to claim your superannuation. Just like anything that needs to be claimed, you have to meet certain requirements in order to claim your departing Australia superannuation payment (DASP).

How to Claim your Superannuation Eligibility requirements

You can claim DASP if you have met the following requirements:

  • You have accumulated super while working in Australia on a temporary resident visa that was issued under the Migration Act 1958
  • Your visa is no longer in effect, meaning it has either expired or it has been cancelled
  • You have left Australia
  • You are not a citizen of Australia or New Zealand nor are you a permanent resident of Australia

How much can be claimed?

You can check the amount saved through the official Australian Taxation Office (ATO) website. Another option is to head over to the website of your super fund. Or, you can always send an inquiry through email or a phone call.

When can the superannuation be claimed?

You need to hit a number of criteria to be eligible for a refund, one of which is being out of Australia. Yes, you can only claim your super once you have left the country and your visa is no longer in effect.

However, it is possible to claim super before the aforementioned requirements. If you are leaving the country before the expiration of your visa, you have the option to delete your visa.

To do that, you have to complete Form 1194 (Certification of Immigration Status and/or request to cancel a Temporary Resident visa) from the Department of Immigration and Border Protection. The form can be sent through mail or scanned and sent through email.

When will payment be received? 

Once your super fund receives all the necessary documentation regarding your claim, you can expect the payment to arrive within 28 days. The money can either be deposited into an Australian bank account or sent via check to your address.

Can someone be authorised to claim super?

Yes, but you have to give them a written authority before they can submit a DASP claim on your behalf. Tax agents are the most common nominees in this scenario.

What are the steps involved in claiming superannuation? 

  • Start working on getting the required documents – check with your super fund for this – certified while you’re still in Australia.
  • Start the online application while you’re still in the country. You can save the information you entered and submit them once you’ve left.
  • Submit your online application at the official ATO website.

Some important reminders on how to claim your superannuation

  • Make sure to check that your employer has paid the required super before leaving the country.
  • Your super fund will transfer to the ATO if you have not claimed DASP in the six months or more since you left Australia. You can still claim it but you have to provide certified documents to get the money.

Read more about how to claim Superannuation

Did you know there are over $540 million unclaimed Australian Superannuation payments? Let’s make sure yours not going to end up on the unclaimed pile  Apply for your Superannuation Refund today.

Save Money by Living and Working in the Australian Outback

Save Money by Living and Working in the Australian Outback

Save Money by Living and Working in the Australian Outback

If you want to travel to Australia then you’re not alone. Hundreds of young people every year choose to go here as part of their travel experiences and nobody regrets it. Labelled as a once in a lifetime experience, many people find that once isn’t enough and go back time and time again. However, it is expensive to keep travelling back and forth.

Once you take into account the accommodation, flights and eating and drinking for the time that you’re over there, the costs really do stack up. There are many ways to help you save money while travelling in Australia, and we have many other guides that can help give you tips and advice on saving money with road trips, saving money on food shopping and the cheapest places that you can visit during your travels.

One of the best ways people can save money while travelling in Australia is by living and working there. Having a working holiday will mean that you’re actually earning money while you’re staying there so you are self-funding your own travels. There are many different things you can do for work in Australia, and each job will come with its own pros and cons.

Save Money by Living and Working in the Australian Outback – Working on farms 

One of the more popular jobs that people do, especially in more rural Australia is working on farms. The reason that these are so popular is because usually the farms will provide people with accommodation while they’re working there and they can also pass on people to different farms all over the country. This is perfect for those who want to see a lot of the country and want to keep working and earning money. Usually with farm work you are provided with a place to live and one or two days off per week. Because you are also working for accommodation, the wages aren’t as high as some other jobs but don’t forget that you are getting meals and a bed too.

Save Money by Living and Working in the Australian Outback – Working in Restaurants/Bars

Another really popular job option for people living in Australia is working in restaurants and bars. Because of the major cities that are all around the coast of Australia there are plenty of opportunities for people to get jobs in bars and restaurants. These are often a really good option for people who also want to travel because a lot of the shift patterns in bars is night work meaning your days are free to travel around the cities and explore. The downside to this kind of work is that you will have to find your own accommodation, but this is all part of the fun. Working in hospitality is a great way to meet new people. Don’t forget when you are travelling that meeting new people is one of the best ways to experience new things. You get to find out new places that locals will recommend to you that you wouldn’t hear of otherwise.

It’s worth looking around at what kind of benefits different kinds of jobs offer as there are different things from each job. Some kinds of jobs will give you free accommodation such as the farm jobs. Other jobs will provide you with meal supplements which is a great way to save money as you can fill up using this and not have to spend too much of your own money on eating. There are many schemes out there which are available for people looking to work and save in Australia, without missing out on any of the traditional travel experiences.

 

Did you know there are over $540 million unclaimed Australian Superannuation payments? Let’s make sure yours not going to end up on the unclaimed pile  Apply for your Superannuation Refund today.

 

Five Money Saving Hacks for Travelling Australia

Five Money Saving Hacks for Travelling Australia

Five Money Saving Hacks for Travelling Australia

Travelling around Australia is a must on every travel-lovers bucket list. A huge country with expansive desert, amazing coastlines, stunning scenery and wonderful people. Travelling Australia is a great experience and everyone who is passionate about travel should do it at least once in their life.

However, travelling like this doesn’t come cheap. For most travellers, going to Australia involves long flights which don’t come cheap, as well as figuring out places to stay and making sure you don’t starve while you’re there. If this is a place you are planning on visiting but don’t want to go bankrupt in the process then you’ve come to the right place. Here are five money saving hacks for travelling Australia on a budget.

Think about where to stay

Many people envision their trip to Oz as being full of beautiful hotels or glamorous villas but the reality is far different. Unless you’ve recently won the lottery you may want to consider saving money on your trip by staying in hostels. Every good sized town will have at least one hostel meaning you will have plenty of choice when planning your travels. Not only that, but hostels are great places for meeting likeminded travellers and making new friends.

You can also choose to camp in the many different places which are available all throughout the country. Some of these places offer free accommodation and some charge a small fee but either way you will be saving money by choosing to camp.

How you are going to get around

If you’re planning a long visit to the land down under then you may want to consider buying a car or van. Although this seems like the expensive choice up front, you are actually more likely to save money in the long run, as opposed to renting. If you plan on travelling around the country a lot then this can save you money. Even better if you can afford to buy a cheap van which could double up as a place to lay your head at night.

Take into account eating

It sounds obvious but it is something that many people overlook when planning a trip somewhere. If you’re looking to travel Australia on a budget then you will need to factor in how much food is going to cost you. We’re not saying that you need to skimp the whole time – you should go out at least once to truly experience the culture – but cooking your own food is often a much cheaper way of travelling. You can buy cheap food at local stores and cook it yourself in bulk which can last you days. Many hostels have shared kitchens and a lot of parks in Australia have barbecues which are free for public use.

Watch your spending

When you’re actually over there, the temptation to spend can sometimes get too much. It’s so easy to offer to buy your new friends another round without thinking about how you’re going to afford food the next week. Things like drinking and shopping are incredibly easy ways to watch your budget go up without even really trying. If you’re on a budget then plan each day or week and make sure you stick to this budget – no matter the temptation. Always make sure to have some back up money in case you get really stuck.

Enjoy the freebies

Many cities and towns all over Australia will have free museums and tours that you can opt for instead of paying out. This is perfect for those who want to experience a bit of culture without breaking the bank. You can learn more about the amazing place that Australia is, without having to bankrupt yourself. There’s also many national parks in the country – some of which are free to enter. Consider these options when planning your Australia trip.

 

Did you know your employer has been saving money for you! For the whole time you have been in Australia on working visa, your employer set aside 9.5% of your wages in Superannuation fund and when you leave Australia at the end of your visa you’re eligible to Apply for your Superannuation Refund !

 

Money Saving Tips for your Australian Food Shopping

Money Saving Tips for your Australian Food Shopping

Money Saving Tips for your Australian Food Shopping

Travelling around Australia can be expensive, but this doesn’t mean you should be put off by the fact. Travelling Australia is an incredible experience and if you’re serious about your travelling then you should do it at least once. But many people are reluctant to do it because it is one of the more expensive places to travel to.

We’re here to help you with planning for your Australian travels on a budget. We have loads of different guides to help you save money, without compromising on your experiences. This guide has some of the best tips for helping you save money on something that people often overlook – food shopping.

It’s no secret that Australian food shopping can get expensive yet it’s something that is essential. Despite it being expensive, it is still a cheaper alternative than eating out every day so read on for some great tips.

Shop Cheap.

Wherever you are staying throughout your travels you should check out what the nearest supermarkets are. Do a bit of research and make sure you are going to the cheapest store. This might involve a little shopping around first, but it will be well worth it. There are also loads of local markets around that you should pay a visit to. These are often a little out of the way but shopping here instead of the bigger chains can save you up to 40%.

Choose the right time.

This may sound like a bit of an odd tip, but choosing when to go shopping can often mean you get some of the better deals. Friday evenings are a good time to go because many of the supermarkets are trying to get rid of their more perishable stock before the weekend. This can often mean that you get a better deal than if you were to go first thing on a weekday. Have a look around for the reduced sections of supermarkets and you could save loads.

Eat the right stuff.

It may be tempting to go out and buy different treat foods because hey you’re on holiday! But if you’re trying to stick to a budget then you may want to be more careful about what you’re eating. Buying starchier and energy rich foods will help you to save money because these types of food will fill you up more. This means that you won’t be as hungry after you’ve eaten and are therefore less likely to snack and waste more of your food.

Share

If you’re travelling with friends – or have made friends along the way – then sharing your food bill will save you loads. Get everyone to pitch in a little bit for the food shop and then everyone can take turns in cooking. In Australia you will be blessed with great weather, meaning that BBQs and cookouts are the norm. These are perfect communal events where everyone can pitch in and bring their own. This will save you a lot more than you realise.

Money Saving Tips for your Australian Food Shopping – Bonus tip!

Eat before you go to do any kind of food shopping. Shopping on an empty stomach is a sure fire way to rack up your bill, because you will have eyes bigger than your belly and buy more. If you shop on a full stomach then you will be less tempted by snacks and treats. Shop on a full stomach and you will save a fortune!

 

Hope you’ve enjoyed the article about money saving tips for your Australian food shopping. Now plan a little bit ahead and know how to get the tax your employer has been setting aside for you during your working holiday, something call Superannuation refund or simply Super ! Apply for your Superannuation Refund now!

 

Australia’s Most Affordable Cities for Working Holiday Makers

Australia’s Most Affordable Cities for Working Holiday Makers

Australia’s Most Affordable Cities for Working Holiday Makers

If you’ve read any of our other posts then you will know why Australia is such a good destination for holiday makers. But you will also know that it is one of the more expensive places for young travellers to visit. This is why many people visiting the land down under choose to go on working holidays.

Working holidays consist of people who get work visas to visit a country, and get jobs doing various activities so they can fund their travels as they go. There are lots of different schemes out there where you get a job and accommodation through your work. Like any normal job, you will get a set amount of time off each week and a small allowance to help get you through. However, you can also choose to find your own work and many young people who do this work in restaurants, bars, café or even as babysitters/nannies.

If you’re thinking about going down the working holiday route, then you need to read on for advice on Australia’s most affordable cities for working holiday makers.

Gold Coast

The Gold Coast is one of the most famous destinations in Australia, and for good reason. With amazing nightlife, vibrant beaches and plenty of other young people – you will feel right at home. Because it is home to Bond University, the Gold Coast is home to plenty of young people and restaurants, bars and cafes too. This makes it perfect for those looking to find work but because of the huge student population, the prices are normally cheaper than other places.

Wollongong

Strange name aside, this city is incredibly close to Sydney, meaning that you don’t have to miss out on the amazing experience of Sydney. This is a popular option for those who want to go on a working holiday because of its proximity to Sydney means that there are often plenty of work opportunities nearby. And because it’s not quite in the borough of Sydney, there is a lot of nightlife for a fraction of the price.

Adelaide

Of all of Australia’s major cities, Adelaide is the cheapest and most affordable to live in. Not only that but it is also widely regarded as the food and wine capital of Australia, and the open spaces mean that it really is one of the most beautiful cities in the world. It has state of the art transport which means it’s perfect for people who are working and want to get around easily. Adelaide really is one of the best places for working holiday makers and anyone looking to work in the country should consider moving here.

Brisbane

Among Australia’s most affordable cities for working holiday makers,  Australia’s third largest city and capital of Queensland should mean that Brisbane is one of the more expensive cities on this list, but it’s actually one of the cheapest for people looking for working holidays. Unlike many of the other cities in Oz, Brisbane often has a cooler climate, and although it still experiences lush hot days, it doesn’t get quite as warm as the rest of the country. Public transport is excellent, meaning that you can easily get from place to place and the suburbs of this city are not only cheap and affordable but well designed and safe.

 

Planning ahead is a good thing when it comes to money. If you’re thinking of move to Australia for working holiday may be you want to think about getting your tax back from the government. But most people forget about their superannuation refund. Apply for your refund now!

How to Withdraw Superannuation Early

Unlike other retirement investment mechanisms, a superannuation will be available to an eligible employee at a set schedule.

It is a fund that is not dependent upon market performance but on a variety of factors, such as number of years as an employee for a company and the amount of salary received.

But what if you want to claim your super benefits earlier? A superannuation is usually withdrawn once one reaches the preservation age, but are there cases when it can be taken earlier?

The short answer is YES, as long as you’ve met a condition of release. However, the circumstances that allows this to happen is very limited. Here are the different conditions that allow for early withdrawal from your superannuation fund:

How to Withdraw Superannuation Early

Super is less than $200

You are entitled to access your preserved benefit if the super is less than $200 when you leave your job.

Compassionate grounds

There are several ways you can withdraw your super on compassionate grounds. You can access your preservation fund if you are paying for medical treatment – either your own or for a dependent. You can also get you super if you are making loan payments so your house is not taken away.

It is also possible to withdraw from your superannuation fund if you are modifying your home or vehicle to be suited for disability – either your own or that of a dependent. The fund can also be tapped into for funeral or burial expenses.

 Severe financial hardship

You can get your superannuation if you satisfy the government’s requirement for being considered under “severe financial hardship.” You are eligible is you have been receiving Commonwealth Government income support, like unemployed benefits, continuously for at least 26 weeks.

The payment you receive is intended for daily living expenses, with the maximum amount to be paid capped at $10,000. You can only withdraw from your super fund once in a 12-month period.

Terminal medication condition

 You can access your super early if you have a terminal medical condition. However, you have to meet certain criteria to be eligible. One, you need two medical practitioners to certify that your condition will likely result in death with 24 months. Two, one of the medical practitioners needs to be a specialist in the area that is related to your condition. Three, the certification period of the certificates has not ended.

 Temporary incapacity

You can withdraw from your super if you suffer from a physical or mental condition that renders you temporarily unable to work. You will receive regular payments for the length of time you are not able to work.

 Permanent incapacity

You can tap into your super if you are considered permanently incapacitated. However, you must satisfy the requirement of “permanent incapacity” required by your fund. This means that your condition, be it mental or physical, prevents you from gaining employment in a field that you are qualified to do via education, experience, or training.

Read more about how to claim Superannuation

Did you know there are over $540 million unclaimed Australian Superannuation payments? Let’s make sure yours not going to end up on the unclaimed pile  Apply for your Superannuation Refund today.