In order to access your super due to severe financial hardship and compassionate grounds, you are required to meet conditions set by the Federal Government.
Severe financial hardship
To access your super if you are not retired, you must:
- be receiving a Centrelink income support payment, and have been receiving one continuously for the last 26 weeks, and
- satisfy your super fund that you are unable to meet reasonable and immediate family expenses.
If you satisfy both components of this test, we are allowed to release to you one lump sum payment of no more than $10,000 and no less than $1,000, in any 12-month period. These limits apply to the gross payment before any tax is deducted. If your account is less than $1,000, your entire balance will be paid to you.
If you have reached your preservation age, your entire benefit can also be released if you meet the following conditions:
- you have received a Centrelink income support payment for a total period of 39 weeks after reaching your preservation age, and
- you are not gainfully employed on a full or part time basis on the date of your application to your super fund.
Specified compassionate grounds
You may be able to claim part of your superannuation balance on compassionate grounds by making a direct application to the Australian Taxation Office (ATO).
How to claim
Details of how to apply to release super due to specified compassionate grounds are available from the ATO website.
To make an application for release on the grounds of severe financial hardship, you must complete the Early release of super benefits on grounds of severe financial hardship form.
If you need assistance with accessing your super, please contact us.