Weight loss surgery is recognised as an effective treatment for chronic obesity and many Australians are accessing their superannuation for gastric sleeve and gastric bypass procedures.
There are a few things you need to know about this funding option; the ATO criteria, what you need to apply and how to apply, plus what your Super provider allows and their processes. Seeking financial advice is also recommended prior to applying for the compassionate release of super.
ATO criteria for the compassionate release of super for medical treatment
You can apply to the Australian Taxation Office (ATO) for super funds to be released to meet the costs of medical treatment not readily available through the public health system. The ATO provides all the details here.
Your application needs to be supported by reports from registered medical practitioners (Specialist surgeon, GP) certifying the medical treatment is necessary to alleviate an acute or chronic mental illness.
You can access the report template your GP needs to complete here.
Here's a short description of the flow so you know what to expect
Check that your Super fund accepts applications & their process to release funds
Gather your necessary documentation
All your fee estimates from the Surgeon, Assistant, Hospital, Anaesthetist, Dietitian and Psychologist
Make an online application through your MyGov account attaching your documentation
Exercise patience - it can take a couple of weeks before you hear back through MyGov
When approved, apply to your Super provider for the funds to be released
If you would like more information about surgery, book in for a no obligation 15 minute phone consult by completing our website form or calling us on 07 4646 3295 or check us out on Facebook