Under the compassionate release of super scheme, you can claim super early.
The Australian government has been encouraging us to save for our retirements for a number of years. The once foreign words superannuation are now words we know in connection with our future retirement plans.
We work for an employer and the employer contributes to our superannuation plan on our behalf. There are super funds all over Australia who are charged with the very important task of looking after our super for us until we are able to access it.
The rules around early access to our super are strict and in place for a reason. It is to stop us “dipping” into our savings and eroding the funds before we take retirement. It is intended that we use this money to live on, during our non-working lives.
This takes the burden away from the Government and future generations.
However, what happens if there is no money in the kitty in the now? What happens if you require surgery, dental work and you need to bury a spouse or child? What happens if you have been just surviving on Centrelink and cannot meet the mortgage repayments? Can you have early access to your super? Can you release super?
The good news is that under certain conditions outlined by the Australian Taxation Office the early release of superannuation will be granted. The ATO is fair in its approach to applications and as long as the criteria is met then you have a great chance of having the application approved.
Release My Super works with clients to ensure the paperwork is up to scratch. We are the link between the ATO, the applicant , and the super fund. Robert Rushford, who heads up Release My Super has seen a huge increase in the number of inquiries coming in.
Word of mouth is a powerful tool and the more applications that are approved by the ATO, the more this new industry is fuelled. Robert Rushford believes most people who enquire on early release of their superannuation for the range of compassionate grounds approved by the ATO do so after very serious consideration. They are those who have no where to go to access money and this gives them the vital funds they require in a timely manner. Just note that accessing your super early attracts tax.
The Australian Taxation Office took over the role from the DHS for early release of superannuation on compassionate grounds on July 1 2018.
In essence the following areas are those where you will be considered for early release of super:-
- Severe financial hardship
- Terminal medical condition
- Compassionate grounds
- Temporary incapacity
- Permanent incapacity
- Super death benefits (inheriting super)
- Super less than $200
- Temporary residents departing Australia
Each of the above requires a different approach.
If you require assistance or more information about how to claim super early, call Robert Rushford or Kathie Baker at Release My Super. 1300 090 261.