Understanding Compassionate Release of Super
Learn how compassionate release of superannuation can support essential medical treatments with guidance from experts you can trust.
What is Compassionate Release of Super?
Compassionate release of superannuation is a provision that allows individuals to access their superannuation early to cover specific medical treatments or expenses under certain conditions. It’s a critical financial option designed to help patients manage the costs of essential and urgent healthcare.
This option is governed by strict guidelines set by the Australian Taxation Office (ATO), ensuring that superannuation funds are accessed only for legitimate and approved purposes. At Super for Health, we guide patients and healthcare providers through this process with expertise and integrity.
Eligibility Criteria
To qualify for compassionate release of superannuation, the following criteria typically apply -
- The treatment is required to alleviate acute or chronic pain.
- It addresses a life-threatening illness or injury.
- It is necessary to manage an acute or chronic mental illness.
- A registered medical practitioner and a specialist must certify that the treatment is necessary.
- The costs must not be covered by insurance or other funding options.
- Medical treatment and transport.
- Modifications to the patient’s home or vehicle due to medical needs.
- Palliative care or support for terminal illnesses.
You must be either a -
- Australian citizen
- Permanent resident
- New Zealand citizen
- You must demonstrate that you cannot afford the expense without accessing your super.
- This includes being unable to pay using savings, selling assets, or obtaining funding through other means such as loans or government schemes.
- Exceptions may apply if borrowing would result in financial hardship.
Considerations before applying
Applying for compassionate release of superannuation involves understanding the following:
Compliance with Regulations
Applications must align with ATO guidelines to avoid delays or rejections.
Financial Implications
Early withdrawal reduces the overall balance of your superannuation, which may impact future retirement savings.
Tax Implications
Depending on your age, releasing funds early may result in a tax liability. You may need to pay tax on any amount withdrawn, which could impact your overall financial situation.
Required Documentation
Applicants must provide comprehensive medical evidence and may be required to submit financial documentation to support their case.
At Super for Health, we ensure patients and practitioners are equipped with the knowledge and support needed to navigate these requirements seamlessly.
How Super for Health Can Help
Expert Guidance
We assist patients in understanding their eligibility and preparing their applications in compliance with ATO standards.
Support for Medical Practitioners
We provide resources and expertise to help practitioners certify applications ethically and accurately.
Ethical and Transparent Approach
Our process prioritises integrity and ensures that all cases meet the highest compliance standards.
Learn More
For Medical Practitioners
Explore how Super for Health supports medical practices with ethical, compliant, and patient-first solutions for accessing superannuation for medical treatments.
For Patients
Learn how Super for Health helps patients navigate the compassionate release of superannuation with expert guidance and clear, transparent support.