The ATO permits the early access of your Super benefit under certain circumstances.
Has anyone tried to withdraw their super early?
Curious to see how flexible the ATO are.
Have You Applied to Have Early Access to Your Super and Been Successful?
LemonShapedRock on 05/01/2019 - 17:05
Last edited 05/01/2019 - 18:01 by 1 other user
Last edited 05/01/2019 - 18:01 by 1 other user
Comments
Likewise, not interested in doing so just curious.
And thank you for the concern :)
I'm sure if you meet any of those requirements you get the money. Why would you ask?
I think you can also withdraw super if you are a temporary resident and are about to depart Australia permanently.
In this case once you have departed you can lodge a claim.I work in the industry and see applications all the time. The requirements are pretty black and white so the approval process is quite straightforward once someone meets all the requirements and submits their correct documents with their application.
If you're talking about something that is terminal then you usually have to wait 6 months from diagnosis to put an application in and then wait for approval.
I have seen it attempted to prevent foreclosure of a home residence but in the end bankruptcy was easier. They could only withdraw the amount of the outstanding mortgage payments but were going to be arrears a month later anyways.
Disgraced MP Craig Thomson used his to claim prostitutes and phone sex charges weren't his even though obviously they were. It appears tha you can't use your super for prostitutes directly, but you can use super to say it wasn't me.
I have a SMSF so I just need to write a letter to myself and my wife (as trustees) & hope they both accept my genuine need for early access.
… and hope that, when the ATO gets wind of the illegal early release, you and your wife don't get $420,000 in penalties, 5 years' jail, and the money taken out taxed as income!
https://www.ato.gov.au/Individuals/Super/In-detail/Withdrawi…
I've had my smsf for 11 years now and all above board. I don't even take up shareholder discounts in shares held in my smsf and don't plan on doing anything dodgy but ATO is hopeless. The son of one of their assistant commissioners was ripping off the ATO for millions and they had no idea
What if you are a permanent resident citzen and decide to leave Australia permanently to live overseas get you get early access and what rate would you be taxed? Any problem penalties if you later decide to return once all funds dry up?
I have helped a few people access some - on a couple on medical grounds, and one for financial duress. If you get a few doctors to say you're terminally ill you can access the whole amount.
And for the record - it's the Superannuation trustees you need to convince not the ATO.
Never tried. Hope everything is ok with you.