Terminal Illness

The best gift to give a dying loved one is time. Just be with them and sit with their soul.

Stacey Canfield

Super allows the full early release if you are diagnosed with a terminal medical condition.

Terminal Medical Condition:

• two registered medical practitioners have certified, jointly or separately, that you have an illness, or has incurred an injury, that will result in your death within 24 months of the date of the certificate.
• at least one of the registered medical practitioners is a specialist practicing in an area related to your illness or injury.
• the certification period has not ended for each of the certificates.

There are no legal restrictions on the amount you can access, but withdrawals must be taken as a lump sum. During the certification period, any lump sums received will be unrestricted non-preserved (tax-free). In addition, any benefits accrued in your super fund during the certification period are also classified as unrestricted non-preserved.

Note: If you do not decide to take all of your super, any balances remaining after the certification period ends (24 months from date of certificate) can still be accessed buy may not be tax-free. Any benefits that may have accrued after the certification period has ended will not be covered by this condition of release. (A new certificate may be required.)

You should also check for any super that may be held with the ATO and if applicable arrange for these funds to be transferred.