When needing to claim super early, especially on compassionate grounds…..you need to always remember that this is your savings for your future, so the Australian Tax Office have some rules around when you can access it and what you are accessing it for.
Generally speaking, you need to wait until retirement, but sometimes (if you really need it) you can access it sooner for things like:
We suggest you seek financial advice before accessing your super as there are fees involved in accessing your super early, the ATO has a tax element to this process and as of April 2023, they take 22% in taxes on release.
A request to claim an early super payment on compassionate grounds can only be considered by the ATO if you meet all the conditions they require. If you are certain that you meet the specified conditions, you can apply to make a claim.
Complete each step correctly and include all required supporting documentation……or contact the team at Release My Super and we will take the stress out of your application process.
If you are needing to access your superannuation for any of the above reasons, contact Release My Super.
Read about who can access their super early. There are eligibility rules you need to meet to access your super early – Read more about it HERE
Read about who can access their super early. There are eligibility rules you need to meet to access your super early – Read more about compassionate release of super on the ATO website
Withdraw your super early on compassionate grounds.
Sometimes people struggle to afford medical treatments, home alterations or funeral expenses. If you need financial help, you might be able to access your super early on compassionate grounds.
Accessing your super early on compassionate grounds can help you pay for things like:
Release My Super guide you so you can access your super early on compassionate grounds, this involves applying to the Australian Tax Office (ATO). If your application is completed correctly and meets the strict standards of the ATO, they may approve your application.
Please note that you can only receive enough money to pay for your quoted expenses. On approval, the ATO pay this as a lump sum from your superannuation account. The Australian Government will tax you on the money being withdrawn, this is 22% as of April 2023 and will be deducted from your account on withdrawal.
The ATO can take up to 14 days to process your early release of n online super application, or 28 days for a paper application. The ATO may also contact you during this time for more clarification on the information you provided.
If the ATO approves your application, they will generally contact you by phone. You will also receive an email letting you know of a letter in your myGov Inbox. The ATO will also tell us your application is approved.