Financial dependant checklist

Purpose:
The purpose of this checklist is to assist individuals in collecting the required documents to support their compassionate release or superannuation application, which may reduce delays or ensure approval. This document aims to provide a comprehensive guide for applicants to gather necessary evidence and financial information to support their claim.

Effects on Industry:
The implementation of this checklist has significant implications for the financial services industry, particularly in relation to early access to superannuation funds. By providing a clear outline of required documents, this checklist helps ensure that applications are thoroughly reviewed, reducing the likelihood of delays or rejections due to incomplete or inaccurate submissions. This, in turn, promotes transparency and accountability within the industry, ultimately benefiting consumers who rely on these services.

Relevant Stakeholders:
The following stakeholders are affected by this update:

• Individuals applying for compassionate release or superannuation benefits
• Financial institutions and service providers responsible for processing applications
• Industry regulators and governing bodies overseeing the administration of superannuation funds

These stakeholders must take necessary steps to comply with the updated guidelines, which include collecting and verifying required documents, providing clear explanations of eligibility criteria and evidence requirements, and ensuring that amounts withdrawn on compassionate grounds are taxed accordingly.

Next Steps:
To ensure compliance with this update, individuals applying for compassionate release or superannuation benefits should:

• Carefully review the checklist to understand the required documentation
• Gather and verify all necessary financial statements, bank records, and written statements or statutory declarations
• Submit complete and accurate applications, ensuring that all supporting documents are properly completed and signed
• Familiarize themselves with taxation implications and ensure that amounts withdrawn on compassionate grounds are reported accordingly

Any Other Relevant Information:
It is essential to note that this checklist does not replace detailed information provided on the website regarding eligibility criteria, evidence requirements, and implications of accessing superannuation early. Applicants should read this information carefully before using the checklist to ensure a thorough understanding of their situation. Additionally, if an individual has borrowed money to pay for expenses related to themselves or their dependants, they may still be eligible for compassionate release or superannuation benefits. In such cases, additional documents will need to be provided as part of the application process.