Temporary Early Access to Superannuation –$20,000 over 2 years

Temporary Early Access to Superannuation –$20,000 over 2 years

Aim

Helping individuals in financial stress get through the coronavirus downturn by providing early access to their superannuation.

Benefit

The government is allowing individuals affected by the coronavirus to access up to $10,000 of superannuation in 2019–20 and a further $10,000 in 2020–21.

Individuals will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments.

Eligibility criteria

To apply for early release, you must satisfy any one or more of the following requirements:

  • You are unemployed; or,
  • You are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance; or,
  • On or after 1 January 2020, either
    • you were made redundant; or,
    • your working hours were reduced by 20% or more; or,
    • if you are a sole trader, your business was suspended or there was a reduction in your turnover of 20% or more.

How to apply?

If you meet the eligibility criteria above, you can apply directly to the ATO through myGov to access the first $10,000 of your superannuation before 1 July 2020. You will also be able to access up to a further $10,000 after 1 July 2020.

If you need assistance, please reach out to our friendly accountants on 1300 865 199 or if you would like us to give you a call, Book in your 30 minute consultation for $50 to get the answers you need today.