Things to consider when applying
This checklist will assist you to collect the required documents to support your compassionate release of super application, which may reduce delays, or your application not being approved.
Accessing super early can have significant financial impacts and should be a last resort. You need to read the information on our website before using this checklist as it contains more detailed information about:
- eligibility criteria and evidence requirements for eligible expenses
- implications of accessing your super early
- how amounts withdrawn on compassionate grounds are taxed.
Important to note
If the expense was for an interdependent or a person who is substantially financially dependent on you, you need to meet additional eligibility criteria and provide additional documents with your application. Refer to Interdependent or Substantially financially dependent for more details.
To access your super on compassionate grounds to repay borrowed amounts, you will need to provide evidence, in addition to the documents required for the expense. This evidence needs to show that the loan was:
- acquired for the purpose of paying an eligible expense
- used to pay an eligible expense, and
- all or part of the loan remains unpaid, excluding interest and fees.
Evidence required to support your application
The following information needs to be supplied to support your application.
Expense
You need to provide documents that support your eligibility for the expense (compassionate expense).
If you don't have these documents, don't proceed as you are not eligible.
Loan from family or friends
- You must provide bank statements or paid invoices or receipts showing the expense has been paid. This must include the:
- date of payment
- method of payment (for example, electronic payment, credit card, cash)
- amount paid.
- You must provide a statutory declaration from you or your dependant. This must advise:
- the amount borrowed, lender's name, payment method, and the date received
- the intended use of the borrowed amount
- details of any amounts repaid
- the outstanding balance of the borrowed amount
- why the outstanding borrowed amount can't be repaid according to the terms of the loan agreement.
- You must provide a statutory declaration from the lender. This must advise:
- the amount loaned, borrower's name, payment method, and the payment date
- the intended use of the loaned amount
- details of any amounts repaid
- the outstanding balance of the loan amount.
Note: All documents need to show who they were issued to. Where you are providing bank statements, you need to ensure that the account holder's name and statement period are visible.
See Statutory declarations for information on how to access and complete the declaration.
If you would like to print this checklist, select 'Print or Download' and 'Print page' from the dropdown list.