The regulator said the checklist will assist those wanting to access their superannuation for CRS in collecting the required documents to support their application, which may reduce delays or the application’s non-approval.
Accessing super early can have significant financial impacts and should be a last resort. The ATO said individuals need to read the information on its website before using this checklist as it contains more detailed information about:
· Eligibility criteria and evidence requirements for eligible expenses
· Implications of accessing your super early
· How amounts withdrawn on compassionate grounds are taxed.
It also warned that members who have borrowed money to pay for their or their dependants’ expenses may still be eligible. They will need to provide additional documents regarding the borrowed amount as part of their application.
The following items can be supplied as evidence to apply for CRS:
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Utility bill in both the member’s and the other person’s names (or other documents, for example, bank statements) to confirm they live together at the same address.
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Bank statements (or other documents, for example, receipts) showing the financial support provided between the member and the other person.
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Statutory declaration from the member that includes information supporting they have a close personal relationship with the other person and that includes examples of the domestic support and personal care one or each of them provides the other.
All documents must show who they were issued to. Where the member is providing bank statements, they need to ensure that the account holder’s name and statement period are visible.
Evidence of financial support can include payments between the member and the other person or the payment of expenses on their behalf, such as utility bills, rent, and groceries.
Information that can support there is evidence of a close personal relationship includes:
· Nature of the relationship
· Duration of the relationship
· Details of assets that are jointly owned
· Any information that suggests the relationship is permanent
· Public aspects of the relationship.
Information that demonstrates that there is support between the individuals such as domestic support and personal care includes:
· Domestic support and personal care provided
· Care and support of children
· Details of the emotional support you provide each other.
