Early Release of Superannuation for dental treatment.
At Southside Dental Toowoomba, we understand that dental procedures can be costly, especially when you need urgent care. If you’re facing financial difficulty and need dental treatment, you may be eligible to access your superannuation early under the compassionate release of super scheme, as approved by the Australian Taxation Office (ATO).
At Southside Dental, we strive to make dental care more accessible for everyone in Toowoomba and the surrounding areas. Our experienced team is here to guide you through the process of applying for early release of superannuation and ensure your dental needs are met promptly and effectively.
What Is Early Superannuation Release for Dental Treatment?
The ATO allows early access to your superannuation under specific circumstances. You may be eligible if your dental treatment is necessary to:
Treat a life-threatening condition
Alleviate acute or chronic pain
Address an acute or chronic mental health condition caused by dental issues
This option helps patients in Toowoomba and surrounding areas who cannot afford essential dental care upfront.
➡️Find out more about early release of superannuation on the ATO website
Who Is Eligible for Early Super Release for Dental Care?
To be eligible for early release of super for dental treatment, you must meet the following criteria:
Medically Necessary Treatment
The treatment must be deemed necessary to prevent serious health complications, pain, or further deterioration of your oral health. Cosmetic dental procedures are not eligible.
Public Treatment Availability
You need to demonstrate that the required treatment is not available in the public health system within a reasonable timeframe.
Financial Hardship
You must show that you are unable to afford the dental care without accessing your superannuation.
How to Apply for Early Super Release for Dental Treatment
Applying for early access to your superannuation for dental treatment involves several steps. Here’s how you can get started:
Step 1: Book a comprehensive checkup at Southside Dental Toowoomba
We’ll provide you with a detailed dental treatment plan, including the required procedures and associated costs. This plan is essential for your application.
Step 2: Obtain Supporting Medical Documentation
You will need two key documents:
- A report from your GP or another registered medical practitioner confirming that your dental treatment is medically necessary and will relieve pain or prevent further health issues.
- A report from your dentist (us!) outlining the dental issues and treatment required.
These reports must be submitted with your application to the ATO.
➡️ Download the ATO’s compassionate release of superannuation medical report form
Step 3: Apply via MyGov
Once you have the necessary documents, you can submit your application online via the myGov portal. After reviewing your documents, the ATO will notify you of the decision.
Important Things to Know
Impact on Retirement
Accessing your super early means reducing your future retirement savings. Speak with a financial advisor to understand the long-term impact.
Tax Considerations
The amount you withdraw will be counted as assessable income and may be taxed by the ATO.
Super Fund Fees
Some super funds charge processing fees when releasing funds. Contact your fund to find out about these potential costs.
➡️ Understand the tax and fee implications on the ATO website