COVID-19 – Early Release of Superannuation
Individuals financially affected by COVID-19 can access some of their superannuation 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 access up to:
• $10,000 of their super until 30 June 2020
• a further $10,000 from 1 July 2020 until 24 September 2020.
NOTE: We are NOT able to release any funds from a Defined Benefit Account.
We will only release funds from an Accumulation Account.
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 job seekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance; or
• on or after 1 January 2020, either:
- you were made redundant;
- your working hours were reduced by 20% or more; or
- if you were a sole trader, your business was suspended or there was a reduction in your turnover of 20% or more.
Be aware about scams or schemes where people:
• impersonate the ATO, or a trusted organisation like this super fund, to steal your money or personal identifying information; and
• contact you and charge for services that are free, like gaining early access to your superannuation.
If you receive a phone call, text message or email offering to help you release your super early, do not:
• provide your personal information; or
• click on any links.
For any further information, please contact the Superannuation Office on (08) 9382-8444 or by email: email@example.com