Access Super in Emergencies

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I wanted to bring some closer attention to some special circumstances when you can access your superannuation before you reach preservation age.

Early access is generally available in two situations:

1. Financial Hardship

Where you are receiving a qualifying Centrelink/DVA payment for a minimum period and cannot meet immediate living expenses.

2. Compassionate Grounds

Funding for certain specific scenarios which include preventing a mortgage foreclosure or meeting medical expenses for a life threatening injury or illness or to alleviate severe chronic pain.

Compassionate grounds access requires an application to be made to the ATO which needs to be accompanied by relevant medical certificates or mortgage information. If approved the ATO will provide instructions to the individual’s superannuation fund to release an amount to cover the expense.

When accessing superannuation under compassionate grounds you would usually collect the relevant supporting documentation and personally make the application for approval using your MyGov account.

But take care. It has come to the ATO’s attention that there may be medical and dental providers exploiting this access and assisting super fund members to access amounts for cosmetic reasons that are far from alleviating a life threatening event (you may have even seen advertisements pop up on your social media, accompanied by shiny new smiles and a lower super balance!).

The ATO has warned that substantial penalties apply when super is accessed outside of the legislated conditions of release and for making false statements.


There are tax implications for accessing your super early.  Even if you satisfy the condition for early release you may have to pay up to 22% in tax on the lump sum withdrawn. This should be considered when looking at your options for funding in these situations.

An important reminder – In a situation of personal stress you can easily be taken advantage of.  So, please note, you should never provide another party with access to your MyGov login or allow a third party to make applications for release of superannuation on your behalf.

We hope you never need to access your super early.  But in these situations it is good to know that the option is available.

If you have any questions on this topic please feel free to reach out to us on (03) 9848 4458 so we can provide you with further clarity.

The Bank of Mum and Dad is Lending Big: Make Sure You Protect Yourself

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You’ve probably heard that the “Bank of Mum & Dad” is now one of Australia’s largest lenders.

It’s not just a nice story, it poses real opportunities and real risks for families.

Why it matters:

Many parents are stepping in to help their adult children secure property via the provision of funding.

While the intention is generous, the structural and legal implications are often overlooked.

Three smart moves every parent should consider:

1. Talk to a broker about Equity Release

If you’re considering helping a child but don’t have cash available, explore releasing equity from your own home or investment property. Pulling out equity to contribute to a deposit can be smart — but it needs careful planning to protect your retirement, cash flow, and risk profile.

2. Update your will

If you provide financial help now and see it as an early inheritance, make sure your Will reflects that. 

Many parents overlook this. If you give money without documenting that intention, other siblings may feel over looked, or the assistance may be challenged in estate‑disputes.

An up‑to‑date Will should clearly state what you’ve provided, whether it was a gift or a loan, and how you intend your estate to be treated in light of that help.

3. Consider lending rather than gifting

Even if your intention is generosity, a formal loan offers protection:

  • It documents the arrangement and makes your expectations clear.
  • It provides legal protection if the child’s circumstances change (e.g., family law issues or bankruptcy).

You can still structure the loan interest-free if desired, making it friendly for your child while protecting your contribution.

Final Thoughts:

Helping a child onto the property market can be fantastic, but treat it with the same care you would if you were lending to a stranger.

Document everything. Get advice. Protect your retirement and legacy.

And when you’re ready: let’s talk.

We can introduce a good mortgage broker who specialises in equity release and structuring parental contributions, and we can review your estate plan to ensure this assistance doesn’t become a future complication.

These are the core obligations you’ll need to manage as a business owner in Melbourne. Let’s explore what each one means for you.

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