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Early access to superannuation

The Federal Government has announced measures regarding superannuation in order to provide further support to Australians who have been impacted by the Coronavirus pandemic.

Early access to superannuation

Usually, superannuation benefits can only be accessed once an individual meets a condition of release. The Government is temporarily allowing individuals affected by the Coronavirus early access of up to $10,000 from their superannuation balance for the 2019/2020 financial year, AND a further $10,000 in the 2020/2021 financial year. This will be a tax-free payment.

Who is eligible?

To apply for early release, you must meet ONE of the below:

  • You are unemployed; or
  • You are eligible to receive jobseeker payments, youth allowance for job seekers, parenting payments, special benefits, farm/household allowances; or
  • After 1 January 2020:
    • you were made redundant;
    • your working hours were reduced by 20% or more; and
    • as a sole trader, your business was suspended or there was a reduction in turnover of 20% or more.

How do I apply?

To apply for an early release payment from your super fund, you will need to apply to the ATO through the MyGov website. We understand this application process will be available in mid-April 2020.

If you have a Self-Managed Superannuation Fund (SMSF), you will need to apply through a separate process which is yet to be announced by the ATO. We will update you on this as soon as it is released.

More information can be found from HLB Mann Judd. Click here to view

 

TFE - March 2020
SMC - March 2020