Superannuation is a defined retirement benefits plan paid to Australian citizens who contribute salary and wages into the plan. Employers are required to match a percentage of contributions into the plan, increasing the assets saved for retirement income. The "preservation age" for superannuation owners is between 55 and 60 years old depending on birth date. Accessing the assets prior to the preservation age is possible under special circumstances but may have a high tax penalty.
Instructions
1. Call your super fund administrator who maintains the superannuation assets. Ask what the terms and conditions are for taking early distributions. Common qualifiers are compassionate grounds or terminal medical conditions.
2. Request the application specific to your situation. Compassionate grounds allowances are for excessive medical or dental costs, foreclosure and eviction prevention or caring for someone with a disability or terminal illness. Terminal medical condition allowances are designed for those with a terminal illness.
3. Fill out the application completely. The trustees of the super fund can deny your claim, so make sure you provide all required information to ensure they have the appropriate information to make a decision in your favor.
4. Sign and submit the application with all pertinent supporting documentation such as medical bills, mortgage delinquencies or health records. The forms may be submitted via postal mail, fax or email.
GPO Box 9836
CANBERRA ACT 2601
Phone: 1300 13 10 60
(+61 2 6213 5298 outside Australia)
Fax: 02 6213 5299
contactapra@apra.gov.au
5. Wait 10 days for the application to be reviewed before following up with the super fund administrator. It may take up to 30 days during busy periods.
