The Government is allowing eligible individuals affected by COVID-19 who are experiencing financial hardship to access up to a max of $10,000 of their superannuation (as a lump sum) before 1 July 2020 and a further $10,000 after 1 July 2020.
To apply for early release, you must satisfy any one or more of the following requirements:
You are unemployed.
You are eligible to receive the JobSeeker Payment, Youth Allowance for JobSeeker, Parenting Payment (which includes the single and partnered payments), Special Benefit or Farm Household Allowance.
On or after 1 January 2020 either:
You were made redundant; or
Your working hours were reduced by at least 20%; or
If you are a sole trader – your business was suspended or there was a reduction in your turnover of at least 20% or more.
From mid-April, eligible individuals who are considering accessing their superannuation entitlements under the above new ground of early release will be able to apply directly to the ATO through their MyGov account.
Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.
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