Testimonials


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

Extreme Financial Hardship and Terminally Ill

These conditions are the ones making up the government's take on ‘sever financial difficulty'. Your fund's trustee may provide you with access to a part of your super benefit, under specific conditions. The rules include:
a. You've been getting Commonwealth Government Income assistance, for instance, unemployment benefits, that goes for at least 26 weeks, and on, and your super fund's trustee is convinced that you are incapable of meeting fast and reasonable family expenses. Payments are made for the purpose of coping up with daily living expenses and may constitute one payment of at least $10,000 (plus tax) in a given 12-month time frame.
b. If you have reached the preservation age (ages 55 – 60, depending on the birth date), you can obtain the entire super benefits as long as you have been receiving income support from the government for 39 weeks.

Compassionate Grounds

Before retiring, your super fund may choose to release a portion of your preserved benefits if you have a fatal illness, or struggling at stopping the bank from selling your house because of loan repayments that are long overdue. You can also opt for the early release of your super on compassionate grounds provided that they pay for medical or funeral expenses and palliative care. If you or a dependent is severely disabled, you can choose to access your super should the disability require your car or home to be modified because of the disability.

First of all, call your fund to figure out if it allows the early release of any preserved benefit. Should your fund allow this kind of early access, you can submit an application for the early release of your preserved super benefits under compassionate grounds.

Terminal Illness

If you are terminally ill, and your medical condition matches the definition of the super laws, then you may be able to access your superannuation benefits early. Aside from that, there is no need for you to pay for tax benefits for those benefits. ‘Terminal medical condition' or ‘terminally ill' has a particular definition, according to the definition of the super laws. Terminal medical conditions exist in accordance to an individual at a particular individual should the following circumstances take place:
(a) Two registered physicians or medical practitioners with combined or separate certifications certifying that the member is suffering from a medical condition, or has acquired an injury, that will likely lead to his or her demise within a certification period then ends within 24 months after the certified date;
(b) One of the registered physicians or medical practitioners is a practicing specialist in the area related to the injuries or illnesses suffered by the member.
(c) The certification period hasn't expired in each certificate.

If you liked this article, you will like our other articles better. Visit our knowledgebase at www.australiansuperfinder.com.au

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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