In some instances it may be possible to access your superannuation early as a lump sum to fund the purchase of hearing aids.
You may be able to access your super if you;
- Have a permanent hearing loss
- Are working
- Aged over 25 yrs old, and
- No other public funding is available
This type of super withdrawal is sometimes called a ‘disability super benefit’.
Your fund must be satisfied that you have a permanent physical or mental medical condition that is likely to stop you from ever working again in a job you were qualified to do by education, training or experience.
At least two medical practitioners must certify this for you to receive concessional tax treatment.
You can receive the super as a lump sum. A super withdrawal due to permanent incapacity is subject to different tax components. For more information refer to your financial advisor or the Australian Tax Office.
Contact your super fund to check and request access to your super if the above applies to you. At Hearing Professionals, we are here to help.