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rakhi.v
rakhi.v, Tax Attorney
Category: Tax
Satisfied Customers: 4536
Experience:  Have graduated in Law with specialization & emphasis in Financial Laws and has working experience of over a decade.
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Have spply for my super through hardship ground. i apply

Customer Question

have spply for my super through hardship ground.
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: i apply througj hardship ground
JA: Is there anything else the Accountant should be aware of?
Customer: yes the suncorp bank holding my supper .I got $19,400 in my account i got a lettet from the centrlink call Q230 the bank said they will only give $10,000 and they 22 % tax but i have already given them my tax file number my question is there a reason for taking that much tax from my supper
Submitted: 4 months ago.
Category: Tax
Expert:  rakhi.v replied 4 months ago.

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

YES -- They are correct.

A super withdrawal due to severe financial hardship is paid and taxed as a normal super lump sum. The minimum amount that can be paid is $1,000 and the maximum amount is $10,000. You can only make one withdrawal from your super fund because of severe financial hardship in any 12-month period.

The following are excellent references and very informative resource.

https://www.ato.gov.au/individuals/super/accessing-your-super/early-access-to-your-super/

https://www.ato.gov.au/individuals/super/in-detail/withdrawing-and-paying-tax/withdrawing-your-super-and-paying-tax/?page=3#How_tax_applies_to_your_super/

I am sure this would help.

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Warm Regards,