I'm a financial counsellor and supporting a client who is in short-term extreme financial distress due to a job loss when his company went into liquidation, and also loss of a drivers license. He needs to drive for work.
He is on Jobseeker payment and at risk of homelessness because he can't pay his rent and is on the verge of being issued with an eviction notice. At the same time he can resume work in December. He also has a redundancy payment in the pipeline.
I have spoken to the ATO Advocate Help Desk and they are not versed in the law around Early Access to Super so could not answer my specfic Q - below. Hoping someone here can help.
My client does not appear to be eligible for early release on Compassionate Grounds. I'd like to explore whether he might be eligible under Hardship Grounds. The Advocate Help Desk told me that his Superfund, ANZ Super, has discretion to make a decision on hardship. Their website says that “The early release of super funds on the grounds of severe financial hardship is strictly controlled under the government legislation”. The website goes on to say that they can only release super if you are receiving income support for 26 weeks.
My client has not been receiving payments for 26 weeks.
Is ANZ Super correct in saying they must wait the mandatory 2 weeks? Or do they have discretion to give my client early access to super regardless of the 26 weeks? Thanks
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