Our team can help you access your super early
People who meet strict criteria may be able to access their super early.
If you need to pay for medical treatment, are facing severe financial hardship, are experiencing temporary or permanent incapacity, have total permanent disability or if you terminate gainful employment with less than $200.00 in your super account, there are options available.
We can support you in exploring your options and, if reasonable, pursue early access to super on your behalf.
Claim Superannuation Early
Life can be unpredictable, and you might need immediate financial relief at times. Claimsplus specialises in helping individuals navigate claiming superannuation early, particularly under circumstances of financial hardship. Our dedicated team is committed to providing you with the expertise and support needed to access your super early, offering a lifeline during difficult times.
How We Can Help You Access Your Super Early
- Personalised Support: Our team offers personalised consultations to understand your unique situation and advise on the best course of action for claiming your superannuation early.
- Expert Guidance: With extensive experience in superannuation laws and early release provisions, we ensure you receive expert advice at every stage.
- Streamlined Process: We simplify the application process for claiming superannuation early, helping you to access your funds as swiftly as possible.
Why Choose Claimsplus For Claiming Superannuation Early?
- Expertise: Leverage our deep understanding of superannuation laws and early release criteria to maximise your chances of accessing your super early.
- Compassion: We approach each case with sensitivity and understanding, recognising the stress financial hardship can bring.
- Efficiency: Our streamlined process and personalised support aim to reduce the complexity and time involved in accessing your super early.
What Are the Situations Where I Could Access My Super Early?
1. Access due to severe financial hardship
You may be able to access some of your super if you meet both these criteria:
- You have been on Centrelink income for at least 26 weeks (six months) non-stop. You can contact Services Australia to request a letter confirming this to send with your release application.
- You can satisfy your superannuation fund that the money is needed to meet ‘reasonable immediate family living expenses. Living expenses include things like rent, loans, bills, car repairs and the cost of medical treatment.
You can make one withdrawal of up to $10,000 every 12 months. These withdrawals are taxed between 17 per cent and 22 per cent if you are under 60. If your super balance is less than $1,000, you can withdraw up to your remaining balance after tax.
2. Access on compassionate grounds.
You may be able to withdraw funds on compassionate grounds. These include needing money to pay for:
Compassionate grounds include needing money to pay for:
- Medical treatment and medical transport for you or your dependent
- Make a payment on a home loan or council rates so you don’t lose your home
- Modifying your home or vehicle or buying disability aids to cater for the severe disability of you or your dependent
- Palliative care for you or your dependent
- Expenses associated with the death, funeral or burial of your dependent.
If early access is approved, the amount is paid and taxed as a lump sum.
3. Leaving Australia.
You may also be eligible to access your super before retirement if you are leaving Australia permanently.
If you are an overseas resident working temporarily in Australia, you may be paid your superannuation money once you have left Australia through what is known as a departing Australia superannuation payment (DASP).
For more information or to apply, visit the ATO website.
For access due to a terminal medical condition, the following conditions must be met:
- You are suffering from an illness or injury that is likely to result in death within 24 months of the date of signing the certificate
- At least one of the registered medical practitioners is a specialist practising in an area related to your illness or injury.
- The 24-month certification period has not ended.
- Access due to permanent Incapacity
This type of super access may be called a ‘disability super benefit’ or ‘Total Permanent Disability (TDP)’. Your super fund must be satisfied that you have a permanent physical or mental medical condition that is likely to stop you from ever working again in a job you were qualified to do by education, training or experience. You will likely have to provide your super fund with supporting documentation from your treating doctors, and your super fund may request you see one of their chosen specialists.
Claimsplus offers a free service to review your situation if you claim under permanent Incapacity.
If you find that you don’t qualify for permanent Incapacity or TPD, ask your fund if you are eligible for a Temporary Incapacity Benefit.
Super balance less than $200.
You may be able to access your super if:
- Your employment is terminated, and the balance of your super account is less than $200
- You have found a ‘lost super’ account with a balance of less than $200.
Contact your super fund to request access. Check the eligibility criteria for withdrawing super from ATO-held accounts. No tax is payable when accessing super accounts with a balance of less than $200.
Speak with a Claimsplus claim advisor for Permanent Incapacity claims.
Explore Our Specialist Services
At Claimsplus, we're dedicated to providing expert legal support across a range of superannuation and insurance claims.
- Australian Super Death Claim: Our experienced team offers compassionate support and expert guidance to ensure beneficiaries can claim superannuation benefits swiftly and smoothly, honouring the wishes of the deceased.
- Lawyer for Life Insurance Claims: We provide personalised support to help you understand your policy, tackle disputes, and secure the benefits you're entitled to, alleviating financial worries during difficult times.
- Claiming Income Protection Through Super:If illness or injury has impacted your ability to earn an income, you may be eligible for income protection benefits through your superannuation fund. Our experts assist you in claiming these benefits, offering advice on eligibility and the claims process to ensure you receive the support you need for recovery.
Ready to Explore Your Options For Claiming Your Superannuation Early?
Facing financial hardship can be a daunting journey, but you don't have to navigate it alone. With Claimsplus, claiming superannuation early becomes a streamlined process, guided by our expertise in early release of super due to financial hardship.
Whether you're considering early super release for financial hardship or simply need to access your super early, our team is committed to providing the support and guidance you need. Unlock the financial relief you deserve with Claimsplus, where we make the complex process of claiming your superannuation early understandable and achievable. Take the first step towards financial stability today, and let us help you reclaim peace of mind for tomorrow.
FAQs on Claiming Superannuation Early
What is an early super release for financial hardship?
Early super release for financial hardship allows you to access your superannuation if you meet specific criteria, such as being on Centrelink income for at least 26 weeks and needing funds to meet immediate living expenses. You can withdraw up to $10,000 every 12 months.
How do I claim superannuation early due to financial hardship?
To claim superannuation early due to financial hardship, you must provide evidence of being on Centrelink income support for at least 26 weeks and demonstrate that the funds are necessary to cover immediate living expenses.
Is it possible to access your super early for medical reasons?
Yes, claiming superannuation early on compassionate grounds for medical treatment and transport, home or vehicle modifications for disability, palliative care, and more.
What are the eligibility criteria for early super release on compassionate grounds?
You must provide evidence of the need for medical treatment, preventing home foreclosure, modifying your home or vehicle for disability, or covering funeral expenses to qualify for early super release on compassionate grounds.
How do I apply for early release of super due to financial hardship?
To apply for early release of super due to financial hardship, contact your super fund, provide the necessary documentation from Centrelink, and submit an application demonstrating the need for funds to cover immediate living expenses.
What are the tax implications of accessing super early?
Withdrawals made under early release conditions are taxed. For financial hardship, the tax rate is between 17% and 22% if you are under 60. For compassionate grounds, the tax rate is applied as a lump sum.
How can I claim my superannuation early if I have a terminal illness?
You can access your super early if you have a terminal illness, verified by medical practitioners, with an expected life expectancy of less than 24 months.
Is there a limit on how much I can withdraw under early super release for financial hardship?
Yes, you can withdraw up to $10,000 every 12 months under early super release for financial hardship.
What documentation do I need to claim superannuation early?
You need to provide documentation from Centrelink if claiming due to financial hardship, medical evidence if claiming on compassionate grounds, and other relevant supporting documents as required by your super fund.
