I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Can I Gain Early Access to Super due to financial hardship?

You can access the money in your super account early based upon extreme financial difficulty if you satisfy certain conditions. You must satisfy the following two scenarios to be eligible for early access due to financial hardship:

• Acquired Commonwealth income assistance for 26 weeks, and cannot meet necessary and immediate family expenditures. Schedule 1 of the SIS Regulations 1994, specifies that you can access as much as $10,000 of your super benefit for every 12-month duration, and a minimum of $1,000. The 12-month duration begins with the super first payment.
• Reached preservation age (55 to those who were born before July 1960 and 56 for those born on or later than July 1 1960) and acquired Commonwealth income aid payment for thirty-nine weeks (cumulative) right after the individual reached the preservation age. Can access complete super advantage if needed? Received Commonwealth Income Support for 26 Weeks

You are thought to be currently in a 'serious financial hardship' with the superannuation laws should your super fundís feel satisfied with the following two facts:
• You have received Commonwealth income assistance payments for a steady duration of 26 weeks You can validate this through written proof for Centrelink or other agencies responsible for the income support payments, and you should present the receipt of the income assistance once the written evidences are set. Income support includes NewStart allowance, Impairment Support, carer's payment, parenting payment, and widow allowance, however in this instance, does not consist of Custody payments, or Allowance provide to students in full-time study, and;
• You are not able to supply reasonable and immediate family living costs.

If your super fund's trustee thinks that you meet the said requirements, you will be able to access as much as $10,000 in each 12-month duration, and a minimum of $1,000 (unless your super advantage is less than $1,000 then you must withdraw the whole quantity).

Keep in mind: The letter or type from Centrelink (or other government department or firm) verifying your earnings assistance history need to be dated at least 21 days before the submission of your application and the early release of your super fund. To put it simply, make certain to make your application as soon as possible after receiving the confirmation from Centrelink about your income assistance. As stated by Centrelink, instead of passing a letter, you may arrange for the superannuation fund to assess your eligibility for such income assistance by utilizing Centrelink's Client Verification eService (if you have offered your super fund authorization to do so, and assuming your super fund has signed up for the eService).

The requirements for the application can be tricky but it would be worth the effort. For better results, it would be best to consult with a financial advisor regarding your situation. You can set a free consultation with us. Call us at 1300 252 167

All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.

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