Early Release of Super on Compassionate Grounds: Eligibility and Conditions
The ATO outlines strict criteria for accessing super funds early, covering medical, disability, palliative, funeral and foreclosure-related expenses.
The ATO has been responsible for the administration of the early release of superannuation on compassionate grounds since 1 July 2018.
It will only approve a release of superannuation on compassionate grounds if the applicant meets all the conditions set out in the regulations, including that the applicant has no other means to pay the expenses.
The five main grounds of eligibility are:
- medical treatment or transport (i.e., to treat a life-threatening illness or injury, or alleviate acute or chronic pain or mental illness) for the applicant or their dependant;
- accommodating a disability for the applicant or their dependant;
- palliative care for a terminal illness for the applicant or their dependant;
- funeral expenses for a dependant of the applicant; or
- preventing foreclosure or forced sale of the applicant’s home.
Please call our team in West Perth on 08 9380 3555 for assistance in relation to the superannuation information above.
Superannuation is one of those areas that can be compared to a cart on a rollercoaster. Its performance is constantly affected by the economic climate and shifting legislation that alters the benefits individuals and businesses can gain from superannuation funds. Read more here about how Omnis can help.
