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Post by tasjo on Oct 7, 2016 14:25:54 GMT 7
I'm not sure if this applies to every super fund but I found out today that super can be accessed if you can show permanent incapacity from 2 doctors/specialists. I had always assumed this only applied once TPD had been approved but found out today it is separate.
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Post by Banjo on Oct 7, 2016 14:34:33 GMT 7
I'm fairly sure that I got mine just from being on the DSP.
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Post by murphy on Oct 8, 2016 13:40:13 GMT 7
Early release of super can be based on financial hardship. The super fund will require a certificate from Centrelink indicating you are on a "defined benefit" (DSP) and have been for a certain period of time - I think three months, but don't quote me on that part.
For my fund, I then needed to show that my cost of living exceeded my DSP.
You can also access funds for the purpose of medical treatment.
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Post by itsmylife08 on Oct 8, 2016 23:32:36 GMT 7
Early release of super can be based on financial hardship. The super fund will require a certificate from Centrelink indicating you are on a "defined benefit" (DSP) and have been for a certain period of time - I think three months, but don't quote me on that part. For my fund, I then needed to show that my cost of living exceeded my DSP. You can also access funds for the purpose of medical treatment. Hi Murph What you say is correct based on financial hardship , that takes effect after 26 weeks on the scratcher as far as my memory recalls..? Yes you can access funds for medical treatment / medication in certain circumstances , but need written confirmation from a specialist . I had mine from a cardiologist ... Regards Itsa...
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Post by roxane on Oct 10, 2016 6:29:10 GMT 7
yes, that's correct, but don't forget u might need to pay tax on it also if you take out from your super, CL will take it as an income and could reduce your DSP
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Post by roxane on Oct 10, 2016 6:44:23 GMT 7
actually, I just learned from CL the other day I called them up, that once you reach pension age, your super will be added to the asset test and your DSP will be reduced accordingly. So if you had worked a fair bit in your life, you might have accumulated over 100k, - it's not much when you need medical care, etc, so don't hold your breath, CL & GOV will take care about you so you stay on the lowest DSP possible.
Good to know this and well in advance, so can plan ahead. Though by the time I'd reach pension age, they probably will change their policies anyway, maybe raise the pension age again to 100, why not? the end game is to get close to nothing from this bastard evil gov.
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Post by Banjo on Oct 10, 2016 7:10:27 GMT 7
I paid tax on my super but claimed it all back the following year as the pension was my only other income.
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Post by murphy on Oct 10, 2016 8:12:42 GMT 7
Same for me, Banjo.
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Post by Banjo on Oct 10, 2016 8:40:40 GMT 7
I distinctly remember, I walked into the old Tax office in Pultney Street and said to a guy about my age, "how can I weasel out of this?" He laughed and said "you'll get it back next year".
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Post by tasjo on Oct 10, 2016 11:37:13 GMT 7
This was separate to the financial hardship provisions (we dont qualify as we havent received any pension for 26 wks) and from what the super fund said it isnt taxed. I will apply anyway as I have permanent incapacity certified by both my specialist and GP, and it would release a lot of financial stress.
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Post by murphy on Oct 10, 2016 11:53:23 GMT 7
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Post by tasjo on Oct 10, 2016 15:01:15 GMT 7
From what I was told on Friday this is also separate to any Dept of Health criteria... I'll let you know how I go... just thought it might be useful for others who are in financial hardship but like me arent yet receiving a pension
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Post by tasjo on Oct 10, 2016 15:11:11 GMT 7
From the form I was sent it appears that its classed the same as if I had reached the preservation age and I can either withdraw a specified amount or the total cash benefit.
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Post by Banjo on Oct 10, 2016 15:29:49 GMT 7
Useful thread, I'll make it a sticky.
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Post by Banjo on May 13, 2018 17:27:13 GMT 7
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