Accessing Super on Compassionate Grounds

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(Newbie)Newbie

17 Jan 2024

I need to access some super early for surgery - compassionate grounds.

I have enquired through my super fund who have sent a form to complete. They have advised the form needs to be sent to them and I will pay tax directly to the fund.

Looking online at the ATO, they have a form and are noting that I will need to declare on my tax as an income, meaning I will be taxed twice.

I am under preservation age and totally confused, can somebody please shed some light?

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ATO Certified Response

AnitaATO

(Community Support)Community Support

ATO Certified Response

18 Jan 2024

Hey @Suemarty,

Once your application is approved you'll provide a copy of the approval letter to your superfund and arrange to have them release the funds. Your superfund will automatically deduct the tax from your super account.

Your superfund will issue you with a payment summary showing the amount they've released and the amount they've withheld.

You'll need to report this information on your tax return. If it's not already pre-filled, then you'll need to manually input the information.

Hope this clears up the confusion for you :)

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Suemarty

(Newbie)Newbie

25 Jan 2024

Thank you so much :)

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Accessing Super on Compassionate Grounds

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