SUPERANNUATION

What’s changed?

The Commonwealth Government has introduced an additional ground for early release of super in response to the COVID-19 pandemic.

This page last updated on 06/11/20

  • From 20 April 2020, some people will be allowed to access their super early.

  • Up to $10,000 can be accessed before 30 June 2020, with an additional amount of up to $10,000 available from 1 July 2020 to 31 December 2020. Only one application can be made in each financial year.

  • Australian and New Zealand citizens and permanent residents may be eligible for early release. 

  • Eligibility requirements state that the person must be:

    • Unemployed OR

    • Eligible to receive the jobseeker payment, youth allowance for jobseeker, parenting payment, special benefit or farm household allowance OR

On or after 1 January 2020: 

    • were made redundant, 

    • working hours were reduced by
      20 per cent or more 

    • for a sole trader, their business was suspended or their turnover dropped 20 per cent or more

  • COVID-19 early access to super is not available to temporary residents for the 2020-21 financial year

  • The early access payments are tax free

  • The early access payments will not affect Centrelink or Veterans’ Affairs payments

  • Early access is through the ATO link on the MyGov website  

Disclaimer: The information on this website is for financial counsellors only. It is general information only. Financial counsellors must still tailor advice to their client’s individual circumstances. 

Copyright © 2020 Financial Counselling Australia. All rights reserved.​

FCA sincerely thanks Kat Lane. Liz Minter and Melinda Rene for their outstanding work in putting this site together.

AdobeStock-covid-19