CLIENT UPDATE 1 July 2010
Severe financial hardship applications - Farm Family Support Scheme payments Where a member makes an application to a superannuation fund trustee on the grounds of severe financial hardship, the trustee may release part of a member’s superannuation entitlements if satisfied that the member has been in receipt of a Commonwealth income support payment for 26 continuous weeks and is unable to meet reasonable and immediate family living expenses. However, Farm Family Support Scheme payments did not qualify as Commonwealth income support payments for the purposes of severe financial hardship applications. The Superannuation Industry (Supervision) Regulations 1994 have been amended with effect today to deem that Farm Family Support Scheme payments constitute Commonwealth income support payments for the purposes of severe financial hardship applications. Similar amendments apply also for RSA and ADF providers. Paul Cleary has considerable expertise in the provision of specialist financial services and would be pleased to offer strategic superannuation legal advice.
For more information, please contact: Paul Cleary Partner T: 02 8257 5760 M: 0407 052 170 paul.cleary@turkslegal.com.au
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