Can you take money out of your super to help pay your bills?? But don’t receive Centrelink.? We are drowning in bills and not getting ahead but more and more behind thanks
Can you take money out of your super to help pay your bills?? But don’t receive Centrelink.? We are drowning in bills and not getting ahead but more and more behind thanks
By using this site you agree to our terms
6 Replies
Only under sever financial hardship; and you pay tax on what you take.
I’d suggest seeking a financial advisor for more information and tips on setting yourself up for success.
I knew someone who needed theirs for medical bills due to terminal illness. They were knocked back. Irs very unlikely any situation will be granted, even though the Government allows it under certain extreme circumstances, it very rarely happens. And if you're lucky enough to be granted some super, it's exactly that. Some. Nothing that would really cover your entire debt pool. Plus you have to declare it as income, and its taxed. Its designed to make the process difficult.
If they are terminally ill and need it for medical costs, they need to seek legal assistance. All the years I've worked in the industry, have never seen anyone get turned down for this. I've seen people not terminally ill access super for medical treatments, please get this person to seek legal advice. If they are permanently incapacitatef and unable to work again, they may also meet a condition of release. Please look further into this.
Agree, my brother is terminal and got all his super plus life insurance.
I was going to say life insurance too.
Not without receiving Centrelink payments continuosly for the time they stipulate.