Have you been considering access to your accumulated superannuation funds as a way to pay for cosmetic surgery? This is now possible at Breast & Body Clinic; however, it is essential to be aware of the government process you need to follow.
While the release of your super is not always guaranteed, Breast & Body Clinic’s offers an option that streamlines the ‘Compassionate Release of Superannuation’ application process, to make things easier for all patients.
A number of outlets such as Supercare and Access My Super manage your application from start to finish, handling all communications with third parties and the ATO on your behalf. Read on to learn a little more about the process and what is required to be eligible.
Using an early release of superannuation for surgery
Many patients inquire about using their super for surgeries such as breast reduction, as there can be reasons outside of just cosmetic procedures.
If you are considering an early withdrawal of your super, this is done through the ATO via your ‘MyGov’ account. It is important to note there is no guarantee that you will be approved and you must consider the rules and regulations around super withdrawal can change at any moment.
Factors that determine your approval
Your financial situation is one of the most significant determining factors when it comes to early super withdrawal. The following points will also be relevant as part of your application:
- Your condition must meet specific criteria for compassionate release of funds eligibility
- The procedure must be medically necessary, not purely cosmetic surgery
- Your super fund will have the final say of early release
The application can take several weeks to be approved, and some super funds will not allow this option at all. Your first step should be to make sure your particular fund is not one of them.
Which procedures can be covered?
Early release of super is a possibility for any surgery related to health concerns. This can include:
- Abdominoplasty after weight loss
- Breast Reduction in cases where physical pain or chronic skin conditions are present
- Body Contouring after weight loss
Accessing your super in Australia
Australians cannot access superannuation until they reach preservation age between 55 and 60. However, there are exceptional circumstances in which the ATO will assess and possibly approve early access. This is the category that cosmetic surgery may fall into, known as ‘compassionate grounds. The official category is set to include medical procedures to treat life-threatening illnesses and chronic pain.
The ATO website offers a range of information on gaining early access to your super. To make all of this easier for our patients, Breast & Body Clinic has teamed up with suppliers who can assist you in the process of applying for an early release of super.
Proceeding and understanding which surgery is right for you
If the above information is relevant to you, and you would like to find out more about your eligibility and which procedure will help with your issue, book a consultation with Dr Yunaev at Breast & Body Clinic today.
The first step towards any procedure is guaranteeing that it is suitable for your body goals. With help from some new providers, the Breast & Body Clinic team will make the entire process, including your surgery, as easy and straightforward as possible.
Disclaimer: The purpose of this article is purely informative. Every individual’s condition and financial situation is unique and you should carefully consider and seek professional advice before deciding to fund your surgery by using your Superannuation. This article has no intent to replace financial advice and we are not in any way encouraging you to use your Super for funding surgeries for cosmetic reasons.