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SMSF Updates

Early Access Due To Financial Hardship
23 May, 2018

You can access your SMSF member balance early if you meet the following conditions due to financial hardship:

1. Must have been receiving Commonwealth government support continuously for at least 26 weeks

2. The money is needed to meet reasonable and immediate family living expenses

3. Obtain a letter from Department of Human Services (Centrelink) confirming the length of time in receipt of income support

4. Lump Sum payment minimum $1000, maximum $10,000 – ( before tax withheld ie $8500 after tax) only 1 payment can be made in 12 months (12 months starts from first payment)

5. Payment to be declared in individual income tax return ( may affect future government payments )

6. Must not receive, ABSTUDY Austudy or Youth Allowance

Note: may reduce family tax benefit payments, child care benefit and current income support

7. You are under preservation age.

8. Must also ensure deed allows this early access

9. The letter from centrelink must be dated within 21 days of applying for payment from fund.

Should you be suffering “mortgage stress” or health / disability related costs you may apply to Department of Human Services for early super access on compassionate grounds.  Centrelink prefers you using Mygov for online applications.

Should you have any questions in regards to early access due to financial hardship, please feel free to contact our SMSF specialist team on 03 9557 3138 or info@icaresuper.com.au

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