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Jiggins1981(Newbie)Newbie
7 Mar 2025

I'm about to access my super to the amount of $65,000 on compassionate ground, I'm assuming the tax on this would take it to $84,000 22% tax (amounts have been rounded up or down)


The amount of $84,000 will bump me up to the 45% bracket


Will i have pay a lot more tax at the end of the year? I'm self employed so this could be a big deal as I do the return


Because technically this bump of $84,000 will be at the 37% and the 45% range which i make to increase my tax to around $8-10k


Any assistance would be appreciate


Thanks in advance



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RachelATO(Community Moderator)Community Moderator
20 Mar 2025

Hi @Jiggins1981,


If you withdraw your super on the grounds of severe financial hardship, it isn't administered by the ATO and so yes, this is generally taxed at between 17% and 22%.


As a sole trader, you're assessed on your combined income for the year when you lodge your tax return.

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