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

Accessing Super in Hard Times

Can I gain access to my super early?

Although super is meant to be well-looked-after until retirement, some very certain circumstances take place where you can validly gain access to your super savings early.

Compassionate grounds

The DHS (Department of Human Services) is accountable for the management of the early release of super on compassionate basis, which include expenses that resulted from:
• Mortgage assistance
• Medical transport
• Medical treatment
• Care for fatal medical condition
• Funeral assistance
• Changes to your motor vehicle and/or home needed as a result of a severe disability

If you’re considering to make an application, ensure you consult your RSA (Retirement Savings Account) provider or super fund first to ensure they will truly be able to start on release approvals distributed by the DHS. Despite the fact you may encounter a condition of release regulated by the DHS, your super savings’ release remains subject to your fund’s governing rules.

Financial hardship

The superannuation’s early release on the basis of severe monetary hardship is ordered by the RSA or your super fund. You could be qualified if you have been getting a Centrelink Commonwealth income support payment, and can show you’re not able to meet immediate and reasonable family living expenses. Various criteria are applied to individuals aged over 55 years and 39 weeks. The highest amount that’s allowed be given to you in a 12-month period is merely $10,000. For further information, get in touch with your superannuation fund.

Permanent incapacity or Terminal illness

The superannuation’s early release on the basis of permanent incapacity or terminal illness is ordered by the RSA or your super fund. If you meet particular conditions and can provide evidence of your situation, you could have your superannuation released before retirement. Contact your super for further info or to apply.

Leaving Australia

Moreover, you may be entitle to gain access to your super prior to retirement if you’re permanently leaving Australia. If you’re a foreign resident working in Australia in the short term, you could be paid with your super money once leaving Australia through what’s called as a DASP (departing Australia super payment).

If you think accessing your super in hard times is a complicated process to you, it would be wise to seek the advice of the experts. Feel free to consult us at www.australiansuperfinder.com.au by calling 1300 252 167

Loading PLease Wait..