Superannuation Cash Out

If you are needing to access your superannuation for any of the above reasons, contact Release My Super

A super withdrawal on compassionate grounds must be for unpaid expenses that you have no other means of paying, including needing money for:

• medical treatment and medical transport for you or your dependent
• drug and alcohol rehab
• gender reassignment surgery
• mental health treatments
• gambling addiction rehab
• IVF
• PTSD
• palliative care for you or your dependent
• making a payment on a home loan or council rates so you don’t lose your home
• modifying your home or vehicle to accommodate your or your dependents severe disability
• expenses associated with the death, funeral or burial of your dependent

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:

• You need to provide proof of the expenses such as unpaid invoices or quotes
• You haven’t yet paid for these expenses with a loan, credit card or money borrowed from others
• You can’t afford to pay for these expenses any other way. This means using your savings, getting a loan or selling any investments
• You are an Australian or New Zealand citizen or permanent resident
• You have GP reports and a psychiatric assessment

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