Financial Hardship and Compassionate Grounds

Accessing your Super early

There are limited circumstances that may enable you to access part (or all) of your super benefits prior to retirement.

Severe Financial Hardship - If you have received Australian Commonwealth income support payments continuously for 26 weeks and are unable to meet reasonable and immediate family living expenses.

Compassionate Grounds - Compassionate grounds include 

  • To pay for medical treatment or medical transport for you or a dependant
  • To make a payment on a home loan to prevent foreclosure or forced sale by mortgagee
  • To modify your home or vehicle if you or your dependant is severely disabled
  • To pay for palliative care if you are terminally ill
  • To pay for a dependant's palliative care, death, funeral or burial

Terminal medical conditions, Total and Permanent incapacity - conditions apply; please contact BT Customer Relations for further information.


Tips

  • Review your BT Super account to check your balance 
  • Review your BT Super account to ensure your contact details are up to date
  • Review the conditions of eligibility
  • Ensure all the required documents are submitted upon your application.

Financial hardship

Are you eligible?

If you are an Australian citizen, New Zealand citizen, a permanent resident or if you are, at any time, the holder of a Subclass 405 (Investor Retirement) visa or a Subclass 410 (Retirement) visa, you may be eligible for release of benefits under severe financial hardship.

NOTE: Tax may be payable on your withdrawal.

How you withdraw your funds is determined by your category.

Your age

Test category

Elegibility requirements

Any age

A

You're currently in receipt of Commonwealth income support payments and have been for at least 26 consecutive weeks;

and

The trustee must be satisfied that you are unable to meet reasonable and immediate family living expenses.

Over 'preservation age'
plus 39 weeks

B

You've been receiving Commonwealth income support payments for a cumulative total of at least 39 weeks since reaching 'preservation age';

and

You are not gainfully employed on either a full-time basis or part-time basis on the date of application.

If you are over preservation age and 39 weeks but do not meet the eligibility requirements for Test Category B, you may be eligible for Test Category A.

What is my preservation age?

Your preservation age is the age at which you can access your super. Yor preservation age depends on your date of birth as per the below table: 

Persons born:

Preservation age

After 30 June 1964

60

1 July 1963 - 3- June 1964

59

1 July 1962 - 30 June 1963

58

1 July 1961 - 30 June 1962

57

1 July 1960 - 30 June 1961

56

Before July 1960

55

How much super can I access under 'severe financial hardship’?

The amount you can access will depend on which test you meet.

If you meet the Category A test, the minimum you can withdraw is $1,000 and the maximum you can withdraw is $10,000; these figures are before tax. If you superannuation account is less than $1,000 then the total superannuation account would be paid to you.

It is important that you carefully calculate the amount you require from your super as you can only claim once in any 12 month period where you are eligible under the Category A test.

If you meet the Category B test, there is no restriction on the amount you can withdraw under ‘severe financial hardship’.


How to apply

You can download the required forms for Hardship Applications here:

Compassionate Grounds

Are you eligible?

You are an Australian citizen, New Zealand citizen, a permanent resident or if you are, at any time, the holder of a Subclass 405 (Investor Retirement) visa or a Subclass 410 (Retirement) visa.

You are experiencing one of the following circumstances:

  • Pay for medical treatment or transport for you or a dependant
  • Modify your home if you or your dependant is severely disabled
  • Pay for palliative care if you are terminally ill
  • Pay for a dependant's palliative care, death, funeral or burial
  • Get help with severe financial hardship e.g. make a payment on your home loan to prevent foreclosure or forced sale by mortgagee


How to apply:

  • To apply to access your super on compassionate grounds, you must first check your BT balance and account details are up to date.  You can do this by logging into BT or calling us.
  • Then, lodge your application through your MyGov

The BT fund details to help you complete the form are:

For BT Super for Life
Fund Name
: Retirement Wrap
ABN: 39 827 542 991
SPIN/USI: BTA0287AU
RSE:  R1001327
 

For BT Super for Life

For BT Super

Fund name

Retirement Wrap

BT Super (part of Retirement Wrap)

ABN

39 827 542 991

39 827 542 991

SPIN/USI

BTA0287AU

BTA0287AU

RSE

R1001327

R1001327

What happens next?

Once we’ve approved your application, we’ll pay the approved amount into your nominated bank account. If this amount is all of your BT Super benefit, you should review any insurance arrangements you may have as we’ll close your super account and cancel any insurance cover attached to it.

If you have any questions regarding the ATO process and applicable tax consequences, please contact the ATO directly on 13 28 65 or visit the ATO website.


Conditions of withdrawal

  • Withdrawal payments are made in Australian dollars.
  • Withdrawals are subject to clearance of investment funds.
  • Withdrawals may be subject to tax.
  • Any applicable bank charges and other likely bank fees incurred as a result of a withdrawal by way of telegraphic transfer or other special payment will be charged to you.
  • Payments to a third party are not permitted.