The Australian Tax Office has issued a warning regarding dodgy websites sharing false information about changes to the superannuation preservation rules and withdrawal rules, supposedly starting from 01 June 2025. Some of the misleading claims currently spreading online include:

• that the preservation age will increase from 60 years to 70 years by 2030;
• that lump-sum withdrawals will be capped at 50% of a person’s balance;
• that there will be new “phased withdrawal limits” for people in pension phase;
• that a “deferred access bonus” of 3% per year up to age 75 will be introduced; and
• that early access to super will face tighter eligibility criteria and capped withdrawals.

None of these claims are true.

No such changes have been proposed by the Australian Government or Treasury, and none are in legislation.

Emma Rosenzweig, Deputy Commissioner for Superannuation at the ATO, has said…

I’m aware that there is false information circulating that there are changes to the superannuation preservation rules and withdrawal rules starting on 01 June. This is false.

Your super access rights

It’s important to understand when you can legally access your super, which is:

• when you reach preservation age and retire;
• when you turn 65, regardless of whether you’re still working; and
• if you’re between 60 and 65 and haven’t retired, you can start a transition to retirement income stream (TRIS), which allows you to receive a regular income from your superannuation.

For anyone born on or after 01 July 1964 their preservation age is 60. People born before this date will have a lower preservation age.

To satisfy the “retired” condition, you must have reached preservation age and ended a position of gainful employment. If your employment ended after you reached your preservation age, there are no further requirements.

However, if your employment ended before reaching your preservation age, the trustee of your fund must be reasonably satisfied that you don’t intend to work for 10 or more hours each week.

Protecting yourself from misinformation

The ATO has observed websites attempting to harvest personal information such as Tax File Numbers, identity details and myGov login credentials under the guise of providing “super advice”.

To protect yourself:

• always verify information through trusted sources like the ATO, ASIC’s MoneySmart or your super fund.
• consult a registered tax professional or licensed financial adviser for personalised guidance.

If you have any concerns at all about your superannuation and when you can access your retirement funds, feel free to reach out to our Financial Advisers at The Peak Partnership. You can contact us here.