There are a number of circumstances where you may be entitled to receive early access to the funds in your superannuation account on the grounds of a medical condition. These circumstances, as determined by the Australian Taxation office, are:

Access on compassionate grounds

You may qualify for this access if the funds are needed to:

• Pay for medical treatment for yourself or a dependent
• Cover expenses associated with changes to your home or vehicle to accommodate for special needs caused by a medical condition for yourself or a dependent.
• Cover expenses related to death, funeral or burial

Under these circumstances, funds are paid and taxed as a lump sum, and will be limited to what is deemed as a'reasonably' needed amount.

Terminal medical condition

Access to your funds may be granted under the certification from two medical practitioners that your condition is terminal, and likely to result in your death within 24 months. At least one of these practitioners must be a specialist in the area of your illness or injury.

Superannuation will be paid to you as a lump sum, and will be tax free as long as it is withdrawn within 24 months.

Temporary incapacity

You may receive access on the grounds of a temporary mental or physical condition that has hindered your ability to work or requires you to work less hours.

In this case, funds will be paid in the form of regular payments, and will be taxed as an income stream.

Permanent incapacity or 'Total Permanent Disablement'

Access may be received under circumstances where at least two medical practitioners certify that your physical or mental condition is permanent, and will prevent you from ever returning to work in a field that you are qualified for with education, experience or training.

In this case, it is important that evidence of the inability to find equivalent employment in another field can be provided. Payment will be received as either a lump sum or regular payments, and may consist of different taxation components.

If you or someone you know would like to find out more about making a superannuation claim, call (03) 9321 9988 to speak to one of our expert injury lawyers today.