COVID-19 response: temporary early access to super
March 24th, 2020
As part of the Federal Government’s economic response to the COVID-19 crisis announced on Sunday 22 March, there is a key change regarding early access to superannuation savings for affected super fund members.
While recognising that superannuation is designed to help workers save for retirement, the Federal Government is conscious that some people may be at risk of significant financial hardship due to the COVID-19 crisis.
Eligible individuals must apply directly to the Australian Taxation Office (ATO) through the myGov website to access up to $10,000 of their superannuation before 1 July 2020. Then, if eligible, members will be able to access up to a further $10,000 from 1 July 2020 for approximately three months.
Members will be able to apply for this payment from mid-April 2020 – we will provide an update on the application process as more information becomes available.
To apply for early release of your superannuation, 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 job seekers, parenting payment (which includes the single and partnered payments), special benefits or farm household allowance; or
- on or after 1 January 2020,
- you were made redundant; or
- your working hours were reduced by 20 per cent (1/5th) or more; or
- if you are a sole trader, your business was suspended or there was a reduction in your turnover of 20 per cent or more.
Members who access their super will not pay any tax on amounts released and the funds withdrawn will not affect Centrelink or Veterans’ Affairs payments.
You can read more information in this Early access to superannuation fact sheet.