The Association of Superannuation Funds of Australia (ASFA) has said it has supported the early release of super on compassionate grounds for domestic violence victims.
According to ASFA, in many cases of domestic violence the victim would lack the access to funds to support them to leave the perpetrator and find a new place to live.
In its submission to Treasury, ASFA suggested that people who accessed domestic violence support services, through the welfare system, should be able to apply for early release of some of their superannuation.
ASFA’s chief executive, Martin Fahy said: “In cases where a member wants to leave their partner and has limited or no financial resources, they should be able to access an amount of their superannuation to help them leave.”
At the same time, ASFA recommended the amount released be restricted to a bond to obtain new accommodation, together with an amount for short-term living costs.
“Domestic violence is a significant issue in the community, so providing access to funds at such a critical time can make a real difference for victims seeking to escape the cycle of violence,” Fahy said.
The SMSF Association also expressed its support for early release of super for victims of domestic violence, with head of policy Jordan George flagging it as an ongoing issue under the Association’s consideration at the organisation’s annual conference yesterday.