![]() ![]() ![]() you meet the eligibility requirements you'll then need to understand what evidence you need to provide.īefore applying to us for compassionate release of your super, you must contact your super fund to.you're applying to pay for someone else's expenses, there are additional eligibility requirements. ![]() you're seeking to access your super to pay for an expense for yourself, you'll need to find out if you're eligible.What you need to do before applyingīefore you apply for early release of super on compassionate grounds, work through these steps to check what you need to do if: You need to include any taxable amounts in your tax return. Super that is released early will generally count towards your assessable income for income tax purposes. The tax rate depends on various factors, including your age, your preservation age and the components of the super lump sum. For more information, see Tax on super benefits. The super you withdraw on compassionate grounds is paid and taxed as a normal super lump sum. ASIC's Moneysmart External Link has helpful information about seeking financial advice.Centrelink's Financial Information Service External Link can inform and educate you about financial matters.Make sure you understand your options and the financial impacts of accessing your super before applying. life and total and permanent disability insurance cover.Things to considerĪccessing your super early will reduce your super balance. Applications that are not accompanied by all the required documentary evidence may be delayed or not approved.Īs your application may not be approved, we recommend you wait for the outcome and receive payment from your fund before you book the treatment or services you have applied for. When you apply, ensure you attach all the required evidence so your application can be assessed as quickly as possible. In these situations, you may be able to access your super, but there are different rules, and you apply directly to your super fund. These circumstances don't include meeting general day-to-day expenses in hardship situations. preventing foreclosure or forced sale of your home.įor more information, see Expenses eligible for release on compassionate grounds.Īpplications for the compassionate release of super generally need to be for an unpaid expense, however, if you have borrowed money to pay for the expense, you may be able to access your super to repay the outstanding balance of the borrowed amount.death, funeral or burial expenses for your dependant.palliative care for your or your dependant's terminal illness.modifying your home or vehicle to accommodate special needs arising from your or your dependant's severe disability.medical transport for you or your dependant.medical treatment for you or your dependant.You may be able to have super released on compassionate grounds to meet expenses for: Under the law, the ATO has no discretion to vary the conditions under which you can access your super early. There are limited circumstances where you can access your super on compassionate grounds to meet expenses for you or your dependant. ![]()
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