Cbus’ Trustee is United Super Pty Ltd. ABN 46 006 261 623 AFSL 233792 Cbus ABN 75 493 363 262 Page 1 of 4 1237.7 04-20 ISS6 Continues next page
Financial hardship benefit payment application
Please use black or blue pen and CAPITAL letters. Use an X in boxes where required.
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Complete all relevant sections of the form.
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Call us on 1300 361 784 if you need help completing this form.
Important information
If any of the following apply to you, please call us on 1300 361 784 to discuss your options before you complete this form:
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you are not a permanent resident of Australia or New Zealand
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you intend to apply for the early release of your super based on compassionate grounds
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part of your benet is unrestricted non-preserved
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you are invested in the Cbus Self Managed investment option.
Accessing your super due to financial hardship
Superannuation law allows Cbus to release benefits to fund members
prior to their retirement in cases of severe financial hardship. To
access your super in these circumstances you must meet the eligibility
conditions set out in superannuation legislation (see below).
Eligibility for financial hardship
You may be able to withdraw some of your superannuation if you meet
the below eligibility conditions:
Claim
Type A
you are
under
preservation
age
AND 1. You have been on an eligible
Commonwealth Government
income support payment
for a continuous period of
26 weeks, and
2. You are unable to meet
reasonable and immediate
family living expenses.
Claim
Type B
you are over
preservation
age
AND 1. You have been on an eligible
Commonwealth Government
income support payment for a
cumulative period of 39 weeks
after you have reached your
preservation age, and
2. You are not gainfully employed
on a full or part-time basis on
the date of the application for
your benefit.
What is preservation age?
Date of birth Preservation age
Before 1 July 1960 55
1 July 1960 - 30 June 1961 56
1 July 1961 - 30 June 1962 57
1 July 1962 - 30 June 1963 58
1 July 1963 - 30 June 1964 59
1 July 1964 or after 60
How much can be released?
The minimum amount you can be paid is $1,000, or your full balance if
this is less than $1,000. The maximum amount is $10,000
†
less any
applicable tax.
Under financial hardship, only one withdrawal from your Cbus account
can be made in any 12-month period.
You should note that reducing your super account balance may impact
any insurance cover you have with Cbus.
†
The maximum amount does not apply if you meet Claim Type B.
Will you be taxed on your withdrawal?
How much you get taxed will depend on your age and whether you’ve
given us your tax file number.
Tax components
There are two components of your super:
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Tax-free component – this amount is not taxed when paid.
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Taxable component – this amount may be taxed when paid, depending
on your age and the amount you withdraw.
If your super consists of both tax-free and taxable components your
benefit payment must be drawn proportionally from both.
Tax file number
Cbus is authorised to request your tax file number (TFN) under the
Superannuation Industry (Supervision) Act 1993 (SIS). We are required by
law to properly safeguard your TFN. Providing it to Cbus is optional, but
if you don’t, your benefit may be taxed at the highest marginal rate, and
contributions received by Cbus may be subject to an additional tax.
You can give Cbus your TFN at Step 1 of this Financial hardship benefit
payment application.
Get advice
Before withdrawing your benefit, we encourage you to seek professional
financial advice to help you make the right decision for your needs.
Find out more at cbussuper.com.au/getadvice.
Proving your identity
Before we pay your benefit you’ll need to provide proof of your identity.
Proving your identity ensures your benefit is released to you and no one
else. To prove your identity, you can either authorise Cbus to use the
information you provide on the form or you can supply certified copies of
the required identification documents.
For full details on the identification you’ll need to provide, read the
Identification requirements brochure available from
cbussuper.com.au/forms.
Important
If you’re facing significant financial difficulties as a result of the
COVID-19 pandemic, you may temporarily be able to access some
of your super early from mid-April 2020. You cannot use this form to
apply for these payments – you must apply directly to the ATO.
For the most up-to-date information, including how to
apply and eligibility criteria, visit
ato.gov.au/Individuals/Dealing-with-disasters.
If you want to apply for a financial hardship payment under the
existing government regulations you should complete the form
below and send it back to us.
