Super is considered a long-term investment to fund the retirement of Australian citizens. Accessing super early is difficult and strictly limited to special circumstances.
If you are eligible, you may be able to access some of your super before retiring due to:
You can apply to access your super before your preservation age on ‘compassionate grounds’, this is an area that Release My Super has years of experience in. Release My Super specialises in the release of funds under this program within the area of mental health. However there are other categories under this program including:-
For early access of your superannuation for compassionate reasons, you can apply to the Australian Tax Office (ATO), this is something we can help you with. After the ATO approves your application further paperwork is submitted to your super fund.
Your superannuation company then pay this as a lump sum from your super into your nominated bank account. The money released by the super fund is normally taxed at 22%.
The steps involved in applying for early release of your super are: