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You may be able to withdraw some of your super on compassionate grounds
For many Australians, super could be a main source of retirement income, so the Government has rules around when you can access it to keep your savings for your future. However, the Australian Taxation Office (ATO) may let you take your super out early on compassionate grounds in certain circumstances.
Compassionate grounds include situations where you need to pay for:
A dependant is someone who relies on you for financial support. It could be your spouse, your child, or someone else who is financially dependent on you.
The amount you can withdraw from your super on compassionate grounds is limited to how much the ATO determines you will reasonably need.
If they approve your claim, the ATO will send you a letter telling you how much super you can withdraw as an after-tax amount.
Be aware that the amount deducted from your super account when you make your claim will include any tax payable, so it may be different to the amount shown on the ATO's letter.
The ATO will assess if you are eligible for a compassionate grounds claim and will only let you access your super if you:
Keep in mind that if you are aged 65 or over, you can access your super without restrictions, even if you're still working.
If you are aged 60 to 64, you can access your super as long as you are retired. If you're not ready to retire, you could start receiving regular payments from your super by opening a Transition to Retirement Income account.
Learn more about how to make a withdrawal from your super.
Taking out your super on "compassionate grounds" is different from accessing your super due to "financial hardship".
The main difference is that you need to be receiving income support payments from Centrelink to access your super due to financial hardship.
You also don't necessarily need to be experiencing one of the situations listed above to get your super due to financial hardship, but you do need to show you are unable to pay reasonable and immediate family living costs.
Find out more about financial hardship.
For more information about accessing your super early, visit the ATO website.
If you have any questions about how to withdraw your super on compassionate grounds, please give us a call or send us an email.