Compassionate Grounds
Early release of superannuation may be available to individuals on compassionate grounds in certain circumstances. Compassionate grounds refer to situations where an individual is experiencing financial hardship due to unexpected and unreasonable expenses that cannot be met from their current financial resources, and which are related to the serious illness or injury of the individual or a dependant.
In order to be eligible for early release of superannuation on compassionate grounds, individuals must meet certain criteria set by the Australian Taxation Office (ATO). Examples of expenses that may be considered on compassionate grounds include repayment on home loans, modifications to the individual’s home or vehicle to accommodate a disability, and funeral expenses.
