Accessing Super for All-On-4® Dental Implants
Posted on: March 6, 2023
3 minute read
Are you considering replacing teeth with All-On-4 dental implants, but worried about the cost? At Perth Dental Implant Centre, we’re transparent about prices and our team can discuss various finance options that could help to make your implant treatment more affordable in your circumstances.
If you would struggle to afford the cost of All-On-4 implants, you may be eligible to access superannuation funds early on compassionate grounds so you don’t have to delay your treatment and prolong the discomfort and health risks associated with missing or damaged teeth.
Read this short guide for information about:
- What is early release of super?
- Am I eligible?
- What treatments are covered?
- How much can I take out?
- Do I pay tax on super withdrawal?
- How to apply
What is early release of super?
Superannuation funds are normally released when you reach retirement age, but there are special circumstances when super funds may be accessed early on compassionate grounds. This can include necessary dental expenses.
There are strict eligibility requirements for the early release of super funds. Withdrawals may also have implications for tax and Centrelink payments and can affect your retirement income in the future, so this is a decision that needs careful consideration.
We recommend speaking with your super fund first to confirm whether they release funds based on compassionate grounds, as some funds do not. A financial advisor or lawyer can provide professional advice on how to apply via the ATO.
Am I eligible?
To be eligible for early release of super for dental expenses, you must:
- be or have been a citizen or permanent resident of Australia or New Zealand
- be experiencing acute pain, chronic pain or mental illness as a direct result of your dental condition, as confirmed by your dentist
- not have any other means of financing your dental treatment (such as applying for a loan or savings)
- not yet have paid for your treatment
- provide the necessary supporting documents with your application
You may be able to apply on behalf of a spouse or other dependent who meets these eligibility requirements.
Our dentists in Perth will assess your clinical needs to determine whether you qualify for early super release on compassionate grounds.
What treatments are covered?
Any dental procedure that addresses an underlying pain or discomfort may be considered compassionate grounds for the early release of superannuation. This includes All-On-4 dental implants, which can address a range of problems associated with missing or damaged teeth.
Our dentists will wait until your application is successful and you have received payment from your super fund before we begin any treatment.
How much can I take out?
There is no minimum or maximum amount that can be released from super funds for dental expenses. However, generally speaking the super amount you can withdraw is limited to what you reasonably need to meet to cover treatment expenses. Super funds may cover your full treatment or part of your treatment cost, depending on what you can afford to pay.
Our dentists will give you a quote for your treatment cost after we assess your needs and discuss your treatment plan.
Keep in mind that withdrawing from your super early may affect your retirement income in the future and may impact on insurance attached to the account.
Do I pay tax on super withdrawal?
If you are under 60 years old, you will be charged tax on early super payments at a rate of 22% to 25% of the amount released. The rate depends on your age and other factors. The tax payment will be automatically deducted from your super account. This means you will need to confirm there are enough funds in the account to cover treatment costs and tax.
If you are over 60, super withdrawals are tax free.
It’s important to note that any superannuation payments you receive will normally be counted as taxable income and need to be included in your tax calculations for the financial year. This may also affect your eligibility to receive income-assessed government payments.
How to apply
To request an early super payment, you must first apply to the Australian Taxation Office (ATO). This can be done directly through (my.gov.au) or an online application or through an authorised third-party vendor such as SuperCare, who can submit forms on your behalf for a discounted service fee of $680 (usually $799). If you have a self-managed super fund, you still need ATO approval to release funds early.
To submit an early release of super application, you will need to provide copies of at least 3 supporting documents to the ATO. These usually include:
- your quote or unpaid invoice for dental expenses
- a detailed treatment plan completed by your dentist
- medical reports completed by your dentist and GP
All reports should be signed and dated within 6 months of your application being made.
Depending on what’s involved in your All-On-4 treatment, other documents may be required from the anaesthetist and hospital in order for these fees to be paid for.
Learn more about early access to superannuation on compassionate grounds and how to apply.
Once your documents are submitted, approval by the ATO can take anywhere from a few days up to 28 days, depending on whether you submit an online or paper application. An online application is usually quicker.
If your application is successful, you will be notified by SMS text message and will receive an approval letter in your online myGov inbox as a PDF document or by post within 72 hours.
To avoid any delays, we recommend notifying your super fund that you intend to apply for early release of super before you begin the application process. Once approval is provided, you will send the approval letter to your fund, along with any other documents they require.
The approved funds will then normally be released in 7 to 10 working days. Your dentist will be informed and we can start to schedule your treatment.
Talk to our team
If you would like to apply for early release of super for All-On-4® dental implants or other dental costs, our dedicated Treatment Coordinator can point you in the right direction. Contact your nearest Perth Dental Implant Centre location in Kelmscott or East Victoria Park to book a consultation or to find out more about your options.