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I currently have my superannuation with REST. I am not working at the moment and am on Centrelink benefits. I was looking at early release of super due to severe financial hardship as I qualify, however REST do not grant access due to this & I do not qualify for compassionate hardship.

I am wondering is it possible to open a new super fund (one that does allow early release of super due to financial hardship), transfer some of my super from REST into that & then apply for early release?

7 years ago

Responses

James Wrigley

Current Rating: 4.91 / 5

Financial Planner

Melbourne, VIC

7 years ago

Hi Penny,

I believe this would be possible. There's nothing stopping you moving some of your super to another super fund. Then if they will realease due to financial hardship that should be fine.

You'd want to watch the tax on taking any money out - depending on your age.

Regards
James

Penny S.

7 years ago

Thank you for your answer,

Is it possible to open a super fund without any employer contributions going into it, and then transfer a portion of my existing super fund to the new one?

And I am 32 - what would the tax be like? I have been warned that if I want to withdraw $10,000 it will most likely be closer to $8,000 after tax.

Penny