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Bt super financial hardship benefit release form

If you do access these funds, you won’t need to pay tax on this money or declare it in your tax return. Access your super under severe financial hardship. If you are still unable to cover your immediate living expenses despite having received government income support continuously for at least weeks, you may be able to access your super early under severe financial hardship condition of release.


Financial Hardship claim - use this form if you are seeking an early release of your superannuation benefits on the grounds of severe financial hardship. Before requesting a rollover, you should consider where your future employer contributions will be paid (if your employer contributions are currently being paid to another fund) and check with your other fund(s) to determine whether there are any exit or withdrawal fees for moving your benefit , or other loss of benefits (e.g. insurance cover), noting that you may not receive the same type or. Demonstrating Financial Hardship If you qualify for Claim Type you must be able to demonstrate that you are in severe financial hardship to access your super benefits on the grounds of severe financial hardship.

Severe financial hardship means that you are unable to meet reasonable and immediate family living expenses. You may be able to access your super if: your employment is terminated and the balance of your super account is less than $200. Super less than $200. Contact your provider to request access. This form must be completed in full.


Instructions on how to complete this form are on the early release Compassionate Grounds and Financial Hardship factsheets. To gain early release of your superannuation benefits due to severe financial hardship, you will need to provide the information and documentation specified in this form. ISSContinues next page Financial hardship benefit payment application Please use black or blue pen and CAPITAL letters.


In general, the Government does not allow you to have access to your benefits until you retire upon reaching your preservation age.

Complete all relevant sections of the form. The minimum amount of your super than can be released early under the severe financial hardship provision is $0and the maximum is $1000. The only exception to this is if you’ve reached your preservation age and have not met a condition of super release.


Before you complete this form and make your application to the Trustee for early release of your superannuation benefit it is important you read the following information. If you do not qualify for early release of your super benefit on the grounds of severe financial hardship , you may enquire about the release of some or all your benefits on compassionate grounds through the Australian Taxation Office (ATO). Statement for your scheme(s) and the Early access to your super benefits factsheet.


Please make sure you complete this form in full before sending it to us. If we receive an incomplete form , it will delay your claim. If you release your super early, it may affect the amount of other payments you get or tax you pay. Note, this form does not apply to claims for insurance benefits covering disablement. Use this form for early release of super benefits on grounds of permanent incapacity.


Your super fund can decide to release your super early if one of the following apply. Under severe financial hardship. In determining whether you qualify for release of benefits on this basis, the trustee must be satisfied that you are in severe financial hardship.


Eligibility for early release of your super In accordance with government regulations, there are two ways you may be able to access your super early due to severe financial hardship. As there are strict government rules around the early release of super , all applications must be assessed and approved before a payment can be made. This letter is called a Q2Financial Hardship letter.


If the super trustee is not satisfied that the super will alleviate your financial hardship then they may decline to release the funds.

Mortgage assistance is available to prevent your mortgage lender or local council taking action to sell your home for mortgage arrears or unpaid rates. To withdraw funds you will need to provide evidence you are suffering significant financial hardship. Early release on the grounds of severe financial hardship can be considered only where the applicant has been in receipt of long-term Commonwealth income support. Access our forms , factsheets and other publications to find what you need to know about super. To access your super in these circumstances you must meet the eligibility conditions set out in superannuation legislation.


Voluntary contribution form. Salary sacrifice contribution form.

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