Am I eligible? How do I apply? Have your Centrelink Customer Reference Number CRN handy when you call us so that we can confirm you meet the eligibility criteria over the phone. What is compassionate grounds? You may be able to withdraw some of your super early on compassionate grounds if you need to pay for: medical costs — for treatment or travel to treatment for you, your partner, child or other dependant mortgage — to stop the bank from selling your home disability — to modify your home or car to accommodate the special needs or you or your dependant which arise from a severe disability palliative care — for you or a dependant funeral — to pay for expenses for a dependant.
Read more here. Are you outside Australia? Five reasons to accessing superannuation early. When can you access your superannuation? In Australia, your preservation age depends on when you were born: if you were born before 1 July , your preservation age is 55 if you were born from 1 July to 30 June , your preservation age is 56 if you were born from 1 July to 30 June , your preservation age is 57 if you were born from 1 July to 30 June , your preservation age is 58 if you were born from 1 July to 30 June , your preservation age is 59 if you were born from 1 July onwards, your preservation age is Reason 1.
When you're unable to work due to an injury or illness The most common reason we see people accessing their super early is on the grounds of permanent incapacity. Reason 2. When you require access to your super for compassionate reasons You might choose to lodge a claim for early release of super on compassionate grounds. Examples include needing: to pay for medical treatment for you or a dependant to prevent the lender who holds your mortgage from selling your home to pay for the funeral of a dependant to pay for palliative care to alter your home or vehicle to accommodate a disability.
Reason 3. When you're impacted by a terminal medical condition If you're living with a terminal illness, you can make a claim to access your super early. Reason 4. Reason 5.
When you're saving for a deposit for your first home The First Home Super Saver Scheme was established by the Australian Government to help Australians save the deposit to buy their first home. How to access your super early If you want to access your superannuation early, you need to contact your fund directly to find out what supporting evidence you should provide before starting your claim application.
Home or vehicle modifications - To accommodate severe disability includes purchasing a modified vehicle. Palliative care or funeral expenses- Expenses associated with a terminal illness, death, funeral or burial. Purchasing disability aids - to cater for severe disability.
Further reading. How will my super be taxed? How do I claim my super? Accessing my super. Who gets my super when I die? You can choose who gets your superannuation when you die by nominating a beneficiary. You can make two types of nomination: 1.
If your super account has insurance attached to it, this insurance will remain in place subject to your insurance terms unless:. If the insurance cover attached to your super account lapses or is cancelled, you may be able to get it reinstated.
To get your insurance cover back, you may need to open a new account if your existing account is cancelled or apply for new cover by supplying health information.
This information would need to be assessed as part of your application. It may not be possible to reinstate your insurance on the same terms or at the same price. And, in some circumstances, you may not be able to reinstate your cover at all.
It can be complicated for certain people to get insurance cover; for example, if you have a pre-existing medical condition or work in a dangerous occupation. Call us on to find out more. Please check your product disclosure statement for more information about the terms of your insurance. You should consider the information above when deciding how much you wish to withdraw from your super.
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