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Accessing super

I'm new

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Replies 1

Hey guys, I’m due to have surgery soon and unfortunately don’t have enough in my super to apply under compassionate grounds. My dad how ever has offered for me to use his super to pay for the surgery. Does anyone know if that’s possible and how to go about it. I’m aware it would need to be applied for under compassionate ground. Is the a form to fill out saying I’m a dependent of his over the age of 18 as I still live at home. Any information would be helpful
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Most helpful response

ATO Community Support

Replies 0

Hi @Rach2,

 

If your father is wanting early release of  his super he would need to meet the eligibility requirements to access it. Have you looked at eligibility for yourself under COVID-19 early release of Super? If you have been impacted financially due to COVID-19 and meet one other condition you can apply for it. It is based on self assessment. You do not have to report it on your income tax return as it is not taxable.

 

The Moneysmart website also provides information for individuals requiring urgent financial assistance.

 

I hope everything goers well with your surgery. 

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hi @Rach2,

 

If your father is wanting early release of  his super he would need to meet the eligibility requirements to access it. Have you looked at eligibility for yourself under COVID-19 early release of Super? If you have been impacted financially due to COVID-19 and meet one other condition you can apply for it. It is based on self assessment. You do not have to report it on your income tax return as it is not taxable.

 

The Moneysmart website also provides information for individuals requiring urgent financial assistance.

 

I hope everything goers well with your surgery.