Are you unable to work due to injury, illness or disability? Depending on the type of account you hold, you may be eligible to make an insurance claim through your super fund to help you cover the cost of living. These claims can be valid regardless of whether your injury or illness is work related, so it’s worth purusing if you’re unable to work. If you’re unsure about whether you’re able to make a claim through your super fund, or need some help doing so, we’d love to support you through the process and help you get everything you’re entitled to.
In some situations, you may need to access your superannuation early to cover the cost of living and other expenses. The application process varies depending on the type of claim you’re making and the superannuation fund you are a member of. Our super claims accountants are here to help you navigate the complex processes involved with early access and ensure you get the best possible outcome for your circumstances.
While often unaware of it, many Australian employees are covered for total and permanent disability (TPD) insurance through their super fund. If you’re unable to do your usual work or any other work related to your normal occupation, and you’re covered for TPD under your super, we can support you through the entire claims process and help you to understand the fine print to ensure you get the best result possible.
If a loved one is a member of a super fund, they will have death benefits including contributions and any insurance benefits entitled under their policy. After the account holder passes away, these benefits are then paid to nominated beneficiaries, dependents and other people in relationships with the deceased. Depending on binding nominations, we can help you make your claim and fast track any payments you’re entitled to.
We won’t just give you generic guidance and send you on your way. The two most important components of our business is our staff and clients, so we always put them first.
Whether it’s keeping clients informed of tax changes or spotting opportunities for growth for our clients, we’re always looking for ways to improve.
At the end of the day, we’re here to help you achieve financial goals - whatever they may be. We do this by getting to know you and your situation, then helping you in whatever way you need.
Everyone has a different definition of financial success. That’s why we really listen to our clients, so that every recommendation is aligned to your own unique goals.
Generally, you can access your superannuation after you reach your preservation age (this is a sliding scale depending on age). Anyone born from 1 July 1964 onwards, can partially access their super from age 60 whilst still working, fully from age 60 if retired, or from age 65 regardless of your work situation. However there are some circumstances where you can access your super early such as:-
Depending on your situation, and what you have made a claim for the circumstances will change. In some circumstances, returning to work will make you ineligible to continue accessing funds, where in other instances you can continue as usual as you still meet a condition of release.
Depending on complexity, this could be from $300 – $3,000. For the majority of people who are in a situation where they need to lean on their superannuation or access due to financial stress, the matters are quite simple and will fall towards the lower end of the scale.
Superannuation fund death benefits are paid to a surviving partner, children or dependants, or to the deceased’s estate. You are able to make a non-binding, or binding nomination within your superfund to make sure there is a clear indication to the superfund trustee for how funds should be distributed.
This is extremely important, as it is often the case that the fund will have some form of Life insurance and combined with existing super balances in many instances can leave significant funds behind to a person’s family or deceased estate.
It is important also for people who have moved on from ex-partners to ensure that this is kept up to date, otherwise your family or new partner may get a surprise if your beneficiary nomination is not up to date.
You could speak directly with your superfund, with your Estate Planning Solicitor, or with our team to get some education and advice on what best suits your situation.