Early Release of Super

In Australia, superannuation (commonly known as super) is intended to provide financial support during retirement. It's a long-term investment that grows with time with regular contributions like a high interest savings account. The compounding effect, together with a low tax benefit allows individuals to grow their retirement funds. As you are not able to access these funds until retirement, the idea is that there will be significant savings for you to draw on by the time you retire.

ATO - What is Super

In certain circumstances, such as medical and dental emergencies, individuals can apply for an compassionate early release of their superannuation. If you are facing costly dental procedures that are necessary for your health and well-being but find yourself financially constrained, you may be eligible to access your super early to cover the costs. Read below to find out more.

Oral health is a crucial aspect of overall well-being and we recognise that it can be expensive for certain complex procedures. These procedures include oral reconstructive surgery, dental implants, dental crowns, root canals and orthodontics to name a few. Struggling to afford these necessary dental treatments can impact your quality of life, self-esteem, and even physical health.

The Australian Tax Office (ATO) acknowledges that dental care, when linked to serious medical conditions or is required urgently, can be grounds for early release of super. This makes dental work one of the categories under "compassionate grounds" for accessing superannuation.

It's important to note that not all dental treatments are eligible for early super release. The basic criteria that your dental work needs to be meet are:

Alleviate acute or chronic pain
Treat a life-threatening condition or disability
Improve your quality of life if your dental health is severely impacted

Considering the above, the common dental treatments that may qualify are:

Reconstructive dental surgery
Wisdom teeth removal
Dental Implants
Advanced Gum Disease Treatment
Orthodontic treatment for severe malocclusions
Cosmetic dental treatment affecting your quality of life

Routine dental check-ups, teeth cleaning, and cosmetic treatments such as teeth whitening usually do not qualify.

To apply for an early release of super for dental treatment, we recommend the following steps:

Consult your Dentist - It is important to do a thorough oral examination first so that we can plan what treatment needs to be done. This process will allow us to determine your eligibility.
Supporting Medical Evidence - You will need signed documentation from a registered dental AND medical professional (or specialist) outlining why the treatment is necessary and how it will alleviate a serious condition.
Apply via the ATO - You will need to complete an online application via MyGov. Ensure you have all relevant documents ready, including a quote for the cost of treatment. Read more about this here.
Wait for Approval: The ATO will review your application. If approved, you can access the necessary funds from your superannuation account to pay for the dental treatment.

Whilst having early access to your super is a great way to fund your dental treatment, it's important to remember that superannuation is designed to support you during retirement. Early withdrawal will drastically reduce the amount you have available when you retire due to the compounding effect of savings.

It's also important to understand that your tax implications can change, as super withdrawals can be taxed differently.

We highly recommend that you seek professional financial advice when considering the early release of super. Understanding the pros and cons of early access is an important aspect of making an informed choice about your financial and dental health.