Temporary early release of Superannuation
Temporary early release of superannuation
The government is allowing individuals affected by the Coronavirus to access up to $10,000 of their 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.
From mid-April 2020, 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 for approximately three months.
Eligibility
- You are unemployed.
- 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.
On or after 1 January 2020, either
- you were made redundant ? your working hours were reduced by 20% or more ? 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 are eligible for this new ground of early release, you can apply from mid-April directly to the ATO through the myGov website. You will need to certify that you meet the eligibility criteria.