How to access Super early due to the Corona Virus

April 21, 2020 by Edge Financial Planning

If you have suffered financial hardship due to the corona virus then you may be eligible to access your super early.

Individuals will not need to pay tax on amounts released and will not need to include it in their tax return.

The application is available through ATO online services in myGov.

Eligible Australian and New Zealand citizens and permanent residents are able to apply to access up to:

• $10,000 of their super until 30 June 2020
• a further $10,000 from 1 July 2020 until 24 September 2020.

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

• 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 were a sole trader, your business was suspended or there was a reduction in your turnover of 20% or more.

Please find a step by step guide to assist with the application process —    how to apply for early access to super

If you have any questions at all then please get in contact at [email protected]