Temporary early access to superannuation, up to $20,000 per person

Information source – treasury.gov.au information sheet

While superannuation helps people save for retirement, the Government recognises that for those significantly financially affected by the Coronavirus, accessing some of their superannuation today may outweigh the benefits of maintaining those savings until retirement.

Eligible individuals will be able to apply online through myGov to access up to $10,000 of their
superannuation before 1 July 2020. They will also be able to access up to a further $10,000 from 1 July 2020 until 24 September 2020.

Eligibility

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:

  • you were made redundant; or
  • your working hours were reduced by 20 per cent 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.

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

 

For more information on how to apply, please see the Factsheet at this link – https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Early_Access_to_Super_2.pdf

Leave a Reply

Your email address will not be published. Required fields are marked *

Post Navigation

Newsletter Archives

Client Information Archives

business news July 2019 Business newsletter - November 2019 Business Newsletter - September 2019 car expenses motor vehicle expenses single touch payroll small business Small Business - March newsletter Special Budget Edition 2019-20 vehicle expenses