We are so sorry to hear of your current circumstances. Our role is to assist you with submitting your application for financial hardship once you meet the eligibility criteria.
What are the eligibility requirements for a hardship withdrawal?
To make a hardship withdrawal, you will need to meet all of the below eligibility requirements.
- You have received Commonwealth income support payments, for at least the past 26 consecutive weeks if you are under preservation age or 39 consecutive weeks if over preservation age
- You are still eligible for continued Commonwealth income support and are still receiving payments.
- You can provide evidence that you are unable to meet your reasonable and immediate family living expenses.
- You have not received a lump-sum payment for financial hardship from any super fund in the last 12 months if under preservation age.
If you satisfy the above criteria as set out by the government, you are eligible to apply.
How do I apply for Financial Hardship?
To apply, please submit a request, attaching the below documentation:
- Our Financial Hardship Form (Please note - digital signatures can not be accepted)
- A recent Services Australia Income Statement
- Last 3 months of bank statements (or transaction listings) showing BSB, account number and account name
- Payment requests or overdue bills including
- Bill receipts (only recently dated will be considered)
- Overdue bills, board, rent
- Demand notices or letters of default, or
- Statutory declaration on debt to family/friends.
- A colour copy of a government issued photo ID (driver’s license of passport).
Please note
- If you do not consent to the “Centrelink Customer Reference Number” section of the Financial Hardship Form, please provide a valid Q230 or Q251 letter from Centrelink (less than 21 days old)
- The Trustee cannot assess your application until you have submitted all required documents.
- Some documents expire (such as the Q230 letter), so collating all documents and sending them to us in one batch is important.
- The maximum withdrawal limit under financial hardship is $10,000 per 12 rolling months if you are under preservation age.
- There are no special tax rates for a super withdrawal because of severe financial hardship. Withdrawals are paid and taxed as a normal super lump sum. If you're under 60 years old, this is generally taxed at between 17% and 22%.
What if I am not eligible for financial hardship?
The ATO allows for early withdrawal under other circumstances, including for compassionate grounds. More information and how to apply is located on the ATO’s early withdrawal page.
Please also refer to the below resources that may be able to assist you: