Using your superannuation (super) to fund dental treatment can be an option to accessing dental care. This falls under the Early access for release on compassionate grounds scheme. This might be the only way to access dental treatment for some people. However, using your super is not something to be taken lightly and should be well considered. The following is general advice and is not to be taken as financial advise.
Who is eligible to early access of their super?
Anyone with a severe need for dental treatment to alleviate pain, illness, or stop a life threatening injury. You also need to prove that this treatment is not available through the public health system. You must also show that you are unable to pay for the treatment by other means. For example, through your savings, or private health insurer, or that a payment plan is not available for treatment.
What documents do you need?
You will need:
- An invoice or quote that is no less than 30 days old.
- A treatment plan stating all stages of treatment
- Two reports stating that this treatment is medically necessary. From either two dentists or a dentist and your general practitioner.
Will I get taxed on my super withdrawal?
The amount withdrawn is considered part of your taxable income for that year and is taxed accordingly. The tax rate depends on your individual circumstances such as age, income, and preservation age. Read more here.
How do I get started?
- We encourage you to come in for a consult. Speak to us about your needs and dental health. From there, we can draw up a quote and discuss treatment. If there are other ways to get dental treatment, we can discuss those.
- Contact your super to see if they will allow you early access of your super on compassionate grounds, check if there are sufficient funds, discuss any fees and implications to your super.
- Contact the ATO and submit your application.
- Once approved, we can start dental treatment and get you on your way to a better smile.
Book ONLINE now to chat with us about the best way forward