There are certain loopholes to access your super early if you know the options available to you.
The purpose of your super fund is to provide a regular income stream and benefits during your retirement years. The early release of these superannuation funds is only allowed under certain, strict conditions, it is illegal to access your super for any reason other than when it is allowed by the superannuation law and satisfy condition of release.
Release My Super are very familiar with the rules, regulations and loopholes to access super early, our client’s access super via the compassionate grounds option. This option allows you to access your super for a large range of medical, psychological, and physical reasons. We have listed a few below for you, this is just a short list of a popular reasons we see on a regular basis.
Access your Super on Compassionate Grounds:
• IVF
• Mental Health (eg: Depression, Anxiety, PTSD, Trauma)
• Alcohol Addiction
• Drug Addiction
• Gambling Addiction
• Transgender Surgery
• Gambling Addiction
• Sex Addiction
• Eating Disorders
The tax implications of accessing your super early can vary depending on your circumstances and the reasons you are applying for the early access to your funds, so you need to educate yourself on the rules and regulations that the Australian Government have in place. The tax rate depends on various factors, including your age and the components of the super lump sum. Your super fund will automatically deduct the tax from your super account.
Refer to our How tax applies to your super and Super lump sum tax table for more information.
If you are experiencing any of the circumstances that fall under compassionate grounds you can apply for the early release of your super through the ATO website yourself or contact Release My Super so we can guide you through the process. Your Super provider will only approve your application if you pass their evaluation, and you meet all of their requirements. Each application is individually assessed against the legislative requirements.
For your application to be considered, you may need to show proof from your health practitioners for medical treatment, and you may also need a psychiatric evaluation. These can take months to organise, Release My Super has preferred psychiatrists we refer our clients to, helping speed up the process of accessing your super.
If you have any doubts about the process of accessing your super early, please contact Release My Super via our contact form, or call our office on 1300 090 261.
