Compassionate Grounds for Release of Benefits

Another ground for early release of benefits is on the basis of compassionate grounds.  This release condition is for self managed superannuation funds administered by APRA.

Applications for release under this ground in respect of SMSF benefits must be made directly to APRA by completing and submitting the relevant form, which can be obtained from the APRA website – www.apra.gov.au - Superannuation/Early Release of Superannuation Benefits.

The amount which can be released will be determined by APRA and will be paid as a single lump sum.

Amounts released on this ground will also be taxed in the same manner as severe financial hardship benefits.