Yes, provide certain conditions are satisfied.
With mortgage stress becoming a sad reality for many people, the ATO will allow you to access your super funds under the compassion grounds condition of release. Please refer to Regulation 6.19 of the Superannuation Industry (Supervision) Regulations.
Documentation will need to be provided to the ATO and there must be a pending threat of foreclosure.
The maximum amount that can be released in any 12 month period is limited as follows:
- 3 months’ repayments; and
- 12 months’ interest on the outstanding balance of the loan.
If you would like to discuss further please contact us:
McNamara & Company - Chartered Accountants, located minutes from the Melbourne CBD
www.mcnamaraandco.au
Phone +61 3 9428 1062
Email admin@mcnamaraandco.au
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