If you are experiencing financial hardship, you may be able to take advantage of a financial hardship super withdrawal.
With our expert knowledge of the complex laws regarding superannuation, we will be able to help you to achieve a successful claim for superannuation withdrawal for financial hardship.
Below is information on eligibility for superannuation withdrawal for financial hardship – it is important to ensure that you do meet eligibility requirements.
Carbone Lawyers’ personnel have been representing clients for over 30 years.
We work collaboratively with our clients to achieve the very best outcome and pride ourselves on providing passionate, personal and cost-effective representation.
Some generic eligibility requirements for accessing super for hardship are provided below.
Eligibility For Superannuation Withdrawal – Financial Hardship
There are very limited circumstances where you are eligible for accessing super for hardship. Our team is here to help.
Because severe financial hardship is not administered by the ATO, you need to request your superannuation withdrawal for financial hardship through your super fund.
Sometimes there may be complex super fund policy conditions around super withdrawal hardship that our team can help you understand.
To be eligible for super withdrawal hardship you must:
- Be unable to pay for essential family living costs
- Be getting an income support payment, not including Veteran Payment, ABSTUDY, Austudy or Youth Allowance as a full-time student
- Have been on this payment for at least 26 weeks in a row
The minimum amount of your super that can be released early through the superannuation withdrawal for financial hardship is $1,000 and the maximum is $10,000.
There are no restrictions to the amount that can be accessed if you have reached your preservation age plus 39 weeks and you were not gainfully employed when you apply.
Accessing super for hardship can only be done once every 12 months.
Let Us Help You With Your Super Withdrawal & Hardship
Our team of experts will be able to assist you in determining your eligibility.