![]() If you meet the eligibility requirements you'll then need to understand what evidence you need to provide.īefore applying to us for compassionate release of your super, contact your super fund to.If you're applying to pay for someone else's expenses, there are additional eligibility requirements.If you're seeking to access your super to pay for an expense for yourself, you'll need to find out if you're eligible.What you need to do before applyingīefore you apply for early release of super on compassionate grounds, work through these steps to check what you need to do: You need to include any taxable amounts in your tax return. Super that is released early will generally count towards your assessable income for income tax purposes. The tax rate depends on various factors, including your age, your preservation age and the components of the super lump sum. The super you withdraw on compassionate grounds is paid and taxed as a normal super lump sum (see Tax on super benefits). ASIC's Moneysmart External Link has helpful information about seeking financial advice.Centrelink's Financial Information Service External Link can inform and educate you about financial matters.Make sure you understand your options and the financial impacts of accessing your super before applying. life and total and permanent disability insurance cover. ![]() Things to considerĪccessing your super early will reduce your super balance. Applications that are not accompanied by all the required documentary evidence may be delayed or not approved.Īs your application may not be approved, we recommend you wait for the outcome and receive payment from your fund before you book the treatment or services you have applied for. When you apply, ensure you attach all the required evidence so your application can be assessed as quickly as possible. In these situations, you may be able to access your super, but there are different rules, and you apply directly to your super fund (see When you can access your super early). These circumstances do not include meeting general day-to-day expenses in hardship situations. See Expenses eligible for release on compassionate grounds. preventing foreclosure or forced sale of your home.death, funeral or burial expenses for your dependant.palliative care for your or your dependant's terminal illness. ![]() ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |