Australians took more than $1.4bn from their super last year for everything from weight loss to dental work
by Melissa Davey from World news | The Guardian on (#70SQ4)
Watchdog says some business and practitioners are taking advantage of the compassionate release of superannuation process
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Australians withdrew more than $1.4bn from their superannuation accounts for compassionate reasons in the last financial year, with much of that used to fund medical procedures ranging from dental work to weight loss treatments.
Of the 112,400 applications in 2024-25 for compassionate super access, 93,500 were made on medical grounds, up from 71,900 the year prior. There was a particularly sharp rise in applications to use superannuation to fund dental services, with the number doubling in two years to 32,875 requests.
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