Accessing Superannuation
Cairns Surgery can help you to access your Super Fund to help pay for Weight Loss Surgery. We strongly recommend that you obtain independent financial advice before deciding whether to access your Super Fund to pay for surgery.
Steps to access your superannuation funds:
Confirm your balance with your Super Fund. Please note that early withdrawals attract tax obligations so the amount taken from your account will be approximately 22% more than the costs of your operation.
Two copies of the ATO Compassionate Release of Superannuation form need to be completed. Cairns Surgery will complete one copy. The other copy needs to be completed by your GP. They may choose to charge for this.
We will help you obtain quotes for the surgical fee, anaesthetic fee and hospital fee to provide to the ATO with the application forms above. The quotes must be under 6 months old at the time they are submitted to the ATO.
The 3 quotes and the 2 forms need to be submitted to the ATO via your MyGov account. Processing times vary due to demand, but usually processing times are between 14-28 days. The ATO will notify you of the outcome of your application via your MyGov mailbox.
Send the ATO approval letter to your Super Fund. Each Super Fund has a different process for this so please contact your Super Fund to verify how they would like this letter submitted to them.
Await funds to be deposited in your bank account.
Pay the surgical, anaesthetic and private hospital fees at least 3 weeks prior to your surgery.
Please note:
If you receive the funds from your Super Fund, and later decide not to proceed with surgery, we have an obligation to report this to the ATO
The ATO may choose to audit how the funds were spent, so it is advisable to keep all receipts.