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 Benefits

Getting Super Early: Terminally Ill Gets Tax Breaks

A super fund may release superannuation benefits earlier to a fund member provided that the fund member is going through a serious medical condition. The legislation states that a terminal condition can exist if two credible doctors have attested that the fund member is suffering from a terminal illness or an injury that would likely lead to the individual's demise within 24 months from the certification date.

The Affected Member Must Have Valid Medical Certificates

The certification must not be expired in each certificate. Also, at least one of the credible physicians should be a specialist in an area relating to the injury or illness. Accessing super benefits early because of terminal illness can be opted for in any superannuation fund, even an SMSF. Tax is not payable over the super benefit the moment it is paid to the fund member who is sick.

What a Self-Managed Super Fund Can Do

Should a member of a self-managed super fund face such a devastating circumstance, then the right certification should be provided before the super lump sum can be provided? The ATO suggested that before making any payment from a self-managed super fund, the fund member must be checked for any other existing super accounts and have those benefits transferred within his or her SMSF account before any payment for his or her condition of release.

Likewise, you may also apply to the DHS or Department of Human Services and gain access to your super on grounds of compassion if you need money to care for yourself or any dependent loved one if you or that person is expected to die from a terminal condition. This type of care is called ‘palpative care.' You will discover more details about compassionate grounds and early release at our site www.australiansuperfinder.com.au. Tax can be paid when applied on compassionate grounds.

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