Understanding Compassionate Release of Super: A Step-by-Step Guide
Who would not love a life that is moonshine and roses all the time? Unfortunately, that is not reality. In reality, we sometimes get stuck with no means to pay for the life-changing medical treatment we need. Thankfully, the Australian Taxation Office (ATO) allows for the early release of super on compassionate grounds. This way, your future self is helping your present self access much-needed treatment. The maze of paperwork and requirements to meet the ATO’s requirements for early release can be very daunting and overwhelming, but you don’t have to go at it alone. SuperCare is here to support and guide you through the process.
SuperCare is truly an expert in compassionate release, doing it for more than 12 years, helping thousands of Australians access their Super. You can rest assured that you are in expert hands. In this guide, we’ll walk you through what compassionate release of super means, when it applies, and how SuperCare helps with this process for you, removing the stress and making it simple.
What is Compassionate Release of Super?
Compassionate Release of Super (CRS) is allowed according to Government policy in certain situations when ALL the relevant criteria are met and a complete application is submitted along with all the supporting documentation. This provision by the government allows Australian Citizens or permanent residents to access a portion of their Superannuation to allow them to cover the cost of essential medical treatment.
CRS differs from early release for financial hardship in the sense that you need to meet specific, predefined compassionate requirements before you are able to access your super in this manner. At SuperCare, we have been specialising in CRS since 2012, you can rest assured that your application is being handled by experts who understand.
When Can You Access Your Super Early?
Your Super can be accessed on compassionate grounds for a variety of medical treatments. These treatments range from Dental treatments all the way through to IVF, Bariatric surgery and more.
All of these medical treatments that are allowed under compassionate grounds meet one or more of the following criteria. You, as the patient, need to be in acute or chronic pain, have an acute or chronic mental illness or have a life-threatening illness or injury. This criterion needs to be noted in the supporting documents that accompany your application. These supporting documents include reports from two medical professionals, quotations and invoices. But don’t fret all the work, remember the experts are here to help.
learn more about the strict eligibility criteria on the ATO website here.
How SuperCare Makes the Process Easy
Accessing your Super early on compassionate grounds can be a very daunting and confusing process. That is why SuperCare is here to guide you all the way through, so you have nothing to worry about. Below is an overview of what the process entails, just so that you have an idea of what to expect. To complete this process typically takes about 3 weeks
1. Initial Phone Call
- During the initial call, we explore if you might meet the minimum requirements to be able to access your super on compassionate grounds.
– You are a permanent resident or citizen of Australia
– Applicant is over the age of 18
– Patient needs to meet criteria (pain/life-threatening/mental health)
– Treatment has not been paid for at the time of the application - We gather all the relevant personal information of the applicant and the patient.
- We also advise on additional documents that might be needed during the process.
2. Case Manager Meeting
- Once you have signed on to make use of SuperCare’s services, you will be assigned a case manager.
- Handy documents to have available to speed up the process:
– Quote of unpaid invoice
– Identification documents - It can take 4-10 days for your case manager to ensure that your application and documents are ready for lodgement.
3. Once your application is submitted to the ATO, it can take them 1 – 14 business days to review and approve your application.
- In the unlikely event that your application gets declined, your case manager will assist in investigating the reason for this and appealing the rejection if applicable.
4. Once approved, your approval letter will go to your superfund, which can typically take up to 10 working days to have the funds released to your account to cover the cost of the treatment.
5. Once the funds have landed, you should transfer them to the relevant medical professional within 24 hours and your treatment can commence.
A Final Word From Us
We understand that medical challenges in and of itself is already tough enough. Here at SuperCare, we believe that navigating complex government processes should not add to your stress at this time. Here are SuperCare, we are not just experts in the field of early release on compassionate grounds, but we are people who genuinely care. We are here to hold your hand every step of the way, to make the process easy and painless. Most of all, we are here to help you access the treatment you need when you need it most.
If you or a loved one is considering embarking on this journey to get your super early release for medical treatment, but you are unsure where to start. Please feel free to reach out to us. Our friendly, compassionate team is always happy to have a chat, answer your questions, and see how we can help make things just that little bit easier.