Early Release of Superannuation
Who can Apply for Early Release of Superannution?
Bariatric Patients may apply for Early Release of Superannuation based on ‘Compassionate Medical Grounds’, to cover the out-of-pocket costs associated with surgery.
To be eligible for 'Compassionate Release of Superannuation', you must meet strict eligibility requirements and provide supporting documentation from your specialist bariatric surgeon and GP.
ELIGIBILITY REQUIREMENTS:
- You require medical treatment
- The condition is a life-threatening illness (Obesity)
- The medical treatment is not readily available through the public health system
It is illegal to access your super early unless you meet a condition of release under superannuation law. If you access your super or attempt to access it without meeting the rules, you could face serious consequences. The super you withdraw on compassionate grounds is paid and taxed as a normal super lump sum.
Before submitting an application, it is important to ensure that all relevant documentation is complete and the information you are providing is accurate, to avoid any rejections or penalties. Incomplete Applications will not be approved by the Australian Taxation Department. You will be required to submit a new application if your application is rejected.
If surgery is cancelled and is not rescheduled, the ATO will be notified and they will treat it as inappropriate early access, requiring you to repay the tax component and face penalties.
It is important you understand the application process before proceeding.
You can read more about accessing your superannuation by clicking on the following link:
Access on compassionate grounds | Australian Taxation Office
How to Apply for Early Release of Superannuation
If you are eligible to apply for
'Early Release of Superannuation on Compassionate Grounds',
your
Bariatric Surgeon and your GP
will
provide you with the supporting documentation required for your application.
Please carefully follow the steps below:
IF APPLYING ONLINE:
STEP 1:
To apply for Early Release of Superannuation, you will need to register for a ‘myGov’ account. For further information visit the ATO website at www.ato.gov.au/earlysuper.
STEP 2:
For a successful application, the Australian Taxation Office requires the following supporting documentation with your application:
1. Letter from Bariatric Surgeon, Dr Michael Hatzifotis addressed to the Australian Taxation Office
2. Document NAT 74927 completed by Surgeon, Dr Michael Hatzifotis (Patient to complete pages 1 & 2 – Please ensure the back page is dated)
3. Quote for out-of-pocket costs from Surgeon, Dr Michael Hatzifotis
4. Quote for out-of-pocket costs from the Assistant Surgeon (Patient to organise)
5. Quote for out-of-pocket costs from the Anaesthetist (Patient to organise)
6. Quote for out-of-pocket costs from Greenslopes Private Hospital for Accommodation, Theatre fees etc. (Dr Hatzifotis’ admin team will organise this and email to patient)
7. Document NAT 74927 completed by your GP (Patient to arrange an appointment with GP to complete this form)
IMPORTANT: Please keep your superannuation documents paperclipped together until you are ready to start your application. Keep these documents separate & do not mix them up with any other paperwork you have been given. Applications that do not include these documents will not be approved by the ATO.
STEP 3:
Once you receive your ‘Approval Letter’, please contact your Superannuation Fund to arrange withdrawal of funds. You will need to provide your fund with a copy of your “Approval Letter to process this payment.
STEP 4:
Once you have received your funds, please ensure you pay all your accounts for your surgery at least (1) one week prior to your surgery date. These accounts include the Surgeon Dr Hatzifotis’ fee, the Assistant Surgeon’s fee, the Anaesthetist’s fee and Greenslopes Private Hospital’s fee.
IF YOU CANNOT APPLY ONLINE:
You can request a paper application form. Please follow the above steps to complete your paper application form and ensure you attach the relevant supporting documentation (read STEP 2).
It is advisable to photocopy your documentation before posting.
Please post your complete application form and the supporting documentation by ‘Registered Post’ to the mailing address below:
Australian Taxation Office
Compassionate Release of Superannuation
PO Box 3006
Penrith NSW 2740
Australia
Please note:
Please be aware that applications may take up to 28 days to process. It is advisable to start your application as soon as possible following your consultation with Dr Hatzifotis as processing times vary and any errors in your application will set you back.
It is a patient’s responsibility to follow up on their applications. If you do not hear from the ATO within 2 weeks of lodging your application, please contact them to follow up on the progress of your application.
You must have your application processed and approved, and funds released by your Superannuation fund at least one week prior to your surgery date. It is important to check on the progress of your application to avoid your surgery being postponed, due to your funds not being released in time for your surgery.
The Australian Taxation Office will NOT approve your application if you pay for your surgery from other fund sources prior to your surgery date.
If you have any further questions regarding the application process, please call our rooms on 07 3847 7002.
