Super is designed as a long-term investment to give you a steady income when you retire. There are certain Australian government conditions you must meet before you can access your superannuation cash out early.
In some circumstances like IVF treatments, mental health related treatments, drug & alcohol rehab, gambling addiction and gender reassignment surgeries, you may be eligible to withdraw some of your super early on compassionate grounds
A super withdrawal on compassionate grounds must be for unpaid expenses that you have no other means of paying, including needing money for:
A super withdrawal on compassionate grounds must be for unpaid expenses that you have no other means of paying, including needing money for:
The amount you can withdraw is limited to what you’d reasonably need to cover these expenses. The Australian government on removal of these funds from your superannuation tax you (as of June 2023) 22%.
It’s important to note that this type of withdrawal is assessed and administered by the ATO, not by your superannuation fund.
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
If you need help paying for these expenses, you need to meet some of these conditions:
If you need to access your super for a superannuation cash out, please contact Release My Super on 1300 090 261 or head to our contact page and fill out the form, we will reply to you within 24 hours