EARLY RELEASE OF SUPERANNUATION

Get your super paperwork together

When you get your annual statement from your super fund, check that these items make sense and are correct:

Your balance at the start and end of the year
Your employer's payments during the year
Any amounts you paid in
Fees deducted
Cost of insurance cover
Tax taken out
Investment returns credited on your account (these could be positive or negative)
If you don't understand the statement or think there is an error, contact your super fund. You have the right to a clear explanation.

Keep all your statements in a safe place so you can keep track of your accounts and know how to contact your fund.


Find lost and unclaimed super

If a super fund 'loses' you – for example, if you've changed address and not informed them – the fund may transfer your super money into an eligible rollover fund, which often have very high fees.

You can find lost super by using the Australian Taxation Office's (ATO's) free online search tool, SuperSeeker, or by phoning
13 28 65. All you need is your:

Name
Date of birth
Tax file number
'Unclaimed' super is different from lost super. Your super money is 'unclaimed' if you are over age 65, no contributions have been made for at least 2 years and your super fund cannot contact you.

You can find unclaimed super by phoning the ATO on 13 10 20.

APPLYING FOR YOUR SUPER EARLY WHEN YOU HAVE BEEN ON CENTRELINK BENEFITS FOR 26 WEEKS STRAIGHT

Severe financial hardship – if you have received Commonwealth benefits for 26 continuous weeks but are still unable to meet immediate living expenses you can claim up to 10 thousand dollars. See the PDF below:

http://www.apra.gov.au/Superannuation/upload/APRA-ROB-Brochure-v5-15-Dec-2008.pdf

MEDICAL REASONS, MENTAL OR PHYSICAL ILLNESS OR TERMINAL ILLNESS

Medical treatment

To help pay for medical costs, for you or your dependant, required to:

treat a life-threatening illness or injury; and/or
alleviate acute or chronic physical pain; and/or
alleviate an acute or chronic mental condition
provided that the treatment is not readily available through the public health system and is not covered by any applicable private health insurance and/or Workers’ Compensation.

Medical transport

To assist with the cost of transportation to and from medical treatment, for you or your dependant, when that treatment is required to:

treat a life-threatening illness or injury; and/or
alleviate acute or chronic physical pain; and/or
alleviate an acute or chronic mental condition
provided that the transport is not readily available through the public health system and is not covered by any applicable private health insurance and/or Workers’ Compensation.


Purpose

A person may seek an early release of superannuation benefits to pay for medical treatment, or to pay for
transport to receive medical treatment, for the applicant or their dependant. This document is intended to
provide information to applicants and their registered medical/dental practitioners to help them understand the
specific substantiation required to satisfy this ground.

The legislation

Under Regulation 6.19A(1)(a) of the Superannuation Industry (Supervision) Regulations 1994 (the Regulations) a
person may apply to the Regulator (APRA) for a determination that an amount of the person’s preserved benefits,
or restricted non‑preserved benefits, in a superannuation fund may be released on the ground that it is required to
enable a person to:

• pay for medical treatment or medical transport for the person or their dependant

On what basis can APRA release for medical/dental treatment?
Regulation 6.19A(3)(a) requires the applicant to give APRA written statements from two registered medical
practitioners (one of whom must be a specialist) that certify that:
• the medical treatment is necessary to:
(i) treat a life threatening illness or injury; or
(ii) alleviate acute, or chronic, pain; or
(iii) alleviate an acute, or chronic, mental disturbance.

For the purposes of the legislation medical treatment includes dental treatment. In these cases certification must
be provided by either two dental practitioners (one of whom must be a specialist); or, a general practitioner (GP)
and a dental specialist.

Regulation 6.19A(3)(b) further requires the medical/dental practitioner to certify that:
• the treatment is not readily available to the person, or their dependant, through the public health system.
If quotes, receipts or other substantiation for the cost of treatment or transport are not provided, the specialist
and practitioner must specify an amount that is required.

There are other requirements in the Regulations which must also be met, but the above requirements are those
which relate to written statements from registered medical/dental practitioners.
Who is a registered medical/dental practitioner?
A registered medical/dental practitioner is someone who has passed the required examinations and/or graduated
from an accredited course and is registered by the relevant state registration board to practise.
In most cases one medical/dental practitioner will be either the applicant’s or their dependant’s GP or dentist


Guidance to mortgagees (lenders) - USING SUPER TO PAY THE MORTGAGE IF YOU HAVE HAD A LETTER SAYING THEY WANT YOUR HOUSE


Purpose
The purpose of this document is to assist persons who are seeking an early release of superannuation benefits
on the ground that a mortgagee (lender) is about to sell their home or foreclose a mortgage over their home.
Specifically, it is intended to provide information to applicants and their mortgagees (lenders) to help them
understand the specific substantiation required to satisfy this ground.

The legislation

Regulation 6.19A(1)(b) of the Superannuation Industry (Supervision) Regulations 1994 (the Regulations) provides
that a person may apply to the Regulator (APRA) for a determination that an amount of the person’s preserved
benefits, or restricted non-preserved benefits, in a superannuation entity may be released on the ground that it is
required to enable the person to make a payment on a loan, to prevent:

• foreclosure of a mortgage on the person’s principal place of residence; or
• exercise by the mortgagee of an express, or statutory, power of sale over the person’s principal place of
residence.

To approve applications on mortgage grounds APRA must have the specific information required under
Regulations 6.19A (5) and 6.19A (6) before it can be satisfied that a release should be made on mortgage grounds.

This means the applicant must give APRA a written statement from the mortgagee (lender) that states:
• that payment of an amount is overdue; and
• that if the person fails to pay the amount, the mortgagee (lender) will:
(i) foreclose the mortgage on the person’s principal place of residence; or
(ii) exercise its express, or statutory, power of sale over the person’s principal place of residence; and

• the amount that is equal to three months’ repayments under the mortgage; and
• the amount that is 12 months’ interest on the outstanding balance of the loan at the time the statement is
made.

In practice APRA will be reasonably satisfied that the mortgagees’ (lenders’) documentation requirements have
been met where a mortgagee (lender) provides all of the following information:
• that (as at a certain date) payment of a specified amount is overdue; and
• that if the mortgagor (borrower) fails to pay the amount due (by a certain date), the mortgagee (lender) will
commence or continue enforcement action to foreclose the mortgage or exercise an express or statutory
power of sale over the security property (the person’s principle place of residence); and
• the street address of the security property; and
• the amount that is equal to three months’ repayments under the mortgage; and
• the amount that is 12 months’ interest on the outstanding balance of the loan at the time the statement is
made.

The substantiation required from the mortgagee (lender) may be set out in a single letter or document or in
separate letters or documents, provided APRA receives all of this information.

Providing mortgage account details and BSB numbers will also enable funds to be directly deposited to the
mortgage account once they are released by the superannuation fund.

Please note that documentation from mortgagees (lenders) must be clear about the mortgagee’s (lender’s)
intention to continue or commence enforcement action.
Using phrases such as “may proceed”, “may be entitled
to commence”, or “reserve the right to proceed” is not considered sufficient to meet the requirements of the
legislation. The legislation requires that the mortgagee (lender) must state that if the borrower fails to pay the
overdue amount, the mortgagee (lender)
“…will:
(i) foreclose the mortgage on the person’s principal place of residence; or
(ii) exercise its express, or statutory, power of sale over the person’s principal place of residence.”

Applicants must meet all the requirements of an application
Applicants are expected to provide the substantiation set out in the application form in full in order to meet all the
requirements set out in the legislation.

Take a look at: http://www.apra.gov.au/superannuation/early-release-of-superannuation-benefits.cfm
FOR VERY HELPFUL INFORMATION

My husband and I between us got out about 25 thousand dollars between us which got us out of financial strife. It took some work and some letter writing and red tape but ultimately it works so i really recommend following it through.

Please email me at travellingmac@live.com.au if you have any specific questions. I have written these letters and followed all of the advise on my pages and they worked, I can show you how to make it work for you.

And all that information was free...
Who has money to pay people to tell them what they are entitled to know anyway!!

Hope it helps x