Exploring the possibility of having access to your superannuation early
You can access your super early in very limited circumstances, including to pay certain expenses on compassionate grounds, as well as terminal illness, incapacity and severe financial hardship.
You may be allowed to withdraw your super early on compassionate grounds to pay for things like:
- medical treatment for you or your dependant
- medical transport for you or your dependant
- modifications to your home or vehicle to accommodate your or your dependant’s special needs arising from a severe disability
- palliative care for you or your dependant
- death, funeral or burial expenses of your dependant
- preventing foreclosure or forced sale of your home
Release My Super help people get access to their superannuation, especially areas like the requirement for drug & alcohol addiction, IVF, executive burnout, gambling addiction and PTSD trauma counselling. We’ve been able to help 1000’sof people get access to much needed funds to help with treatment.
Understanding the process of accessing your superannuation early.
For early access of your super for compassionate reasons, you need to apply to the Australian Tax Office (ATO). If the ATO approves your application, you can only receive enough money to pay for your expenses. Your super fund will then pay this as a lump sum from your super account into your nominated bank account. The tax you pay will depend on several factors and will be deducted from your account.
Some Conditions regarding accessing your supererannuation early:
If you need help paying for these expenses, you need to meet these conditions:
- You need to provide proof of the expenses such as unpaid invoices or quotes.
- You haven’t yet paid for these expenses with a loan, credit card or money borrowed from others.
- You can’t afford to pay for these expenses any other way. This means using your savings, getting a loan or selling any investments.
- You are an Australian or New Zealand citizen or permanent resident.
If you are under 60 years, any lump sum payments are generally taxed between 17% and 22%. If you have reached your preservation age (between 55 and 60), you may not need to pay tax, depending on how much you have withdrawn previously. If you are older than 60, you will not be taxed.
Release my super have years of experience dealing with applications for the ATO to get access to clients super, compiling the correct documentation to meet the ATO’s strict requirements, completing the documentation and help lodging it.
We also have access to qualified and specialist services like psychiatrist’s, psychologists, and a huge network of amazing service providers.
Contact the team at Release My Super today and find out how we can help you access your superannuation early so you can access the support you require.
Best wishes, Kathie Baker CEO Release My Super 1300 090 261 | 0475 471 872
