{"id":7902,"date":"2023-03-20T12:04:27","date_gmt":"2023-03-20T01:34:27","guid":{"rendered":"https:\/\/adelaideprivatewealth.com.au\/early-access-to-your-super-due-to-financial-hardship\/"},"modified":"2023-03-20T12:04:27","modified_gmt":"2023-03-20T01:34:27","slug":"early-access-to-your-super-due-to-financial-hardship","status":"publish","type":"post","link":"https:\/\/adelaideprivatewealth.com.au\/early-access-to-your-super-due-to-financial-hardship\/","title":{"rendered":"Early access to your super due to financial hardship"},"content":{"rendered":"
Your super is there to help fund your retirement. However, if you\u2019re finding it hard to make ends meet, you can apply to access your super early to help pay your living expenses.<\/p>\n
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If you\u2019re experiencing severe financial hardship, you can apply to access some of your super. This can help pay for basic expenses to support you and your family.<\/p>\n
To apply for early release of super under grounds of severe financial hardship, you must meet one of the following criteria:<\/p>\n
1.\u00a0 \u00a0 You\u2019re under your preservation age and:<\/p>\n
Have received an eligible Centrelink or Department of Veterans\u2019 Affairs (DVA) payment continuously for at least 26 weeks before applying and are still in receipt of these payments at the time of your application,<\/p>\n<\/li>\n<\/ul>\n
\u00a0 \u00a0 \u00a0 \u00a0 AND<\/p>\n
Satisfy the Trustee that you can\u2019t meet reasonable and immediate family living expenses.<\/p>\n<\/li>\n<\/ul>\n
If the Trustee is satisfied, the trustee will determine a single lump sum amount of between $1,000 (or the balance of your benefit if it is less than $1,000) and $10,000.\u00a0You can only receive one payment every 12-months.<\/p>\n
2.\u00a0 \u00a0 You\u2019re over your preservation age and:<\/p>\n
Have received an eligible Centrelink or DVA payment for a total of 39 weeks since reaching your preservation age,\u00a0<\/p>\n<\/li>\n<\/ul>\n
\u00a0 \u00a0 \u00a0 \u00a0 AND<\/p>\n
You\u2019re in paid employment for less than 10 hours a week, or you\u2019re not employed at all, at the time of your application.<\/p>\n<\/li>\n<\/ul>\n
If you qualify on this basis, the Trustee may release your entire benefit.<\/p>\n
We\u2019ll deduct withholding tax from your balance when we process the payment. The amount of tax withheld is required under law and is the maximum tax payable.<\/p>\n
The rates of withholding tax which apply are:<\/p>\n