Audio and video grabs
Our message to individuals and medical practitioners is clear – compassionate release of super should only be considered where you know the conditions for release are met, and as a last resort when all other options of paying for the expenses have been exhausted.
Ben Kelly: Compassionate release of super audio grab 1External Link
Ben Kelly: Compassionate release of super video grab 1External Link
Australians need to remember that super is there for your retirement and that there are only limited situations where people can access their super early to pay for eligible expenses.
Ben Kelly: Compassionate release of super audio grab 2External Link
Ben Kelly: Compassionate release of super video grab 2External Link
We have seen decline in compassionate release applications in the last 12 months, which indicates to us that out messages are being heard and our compliance actions are having an impact. But I want to be clear: we will continue to hold to account any individuals or businesses who are seeking to exploit the system when conditions for release have not been met.
Ben Kelly: Compassionate release of super audio grab 3External Link
Ben Kelly: Compassionate release of super video grab 3External Link
We are continuing to see cases where third party facilitators are targeting and pressuring people to access their super to pay for certain procedures. People need to be very cautious of advertisements that heavily promote early access to super.
Ben Kelly: Compassionate release of super audio grab 4External Link
Ben Kelly: Compassionate release of super video grab 4External Link
Taking the time to understand the risks and notice the red flags can help avoid decisions that will significantly impact your retirement savings and could result in penalties.
Ben Kelly: Compassionate release of super audio grab 5External Link
Ben Kelly: Compassionate release of super video grab 5External Link