Early release of super/ATO action
If you're adversely financially affected by COVID-19, you may be eligible to access some of your superannuation early.
Eligible members can submit an application through the Australian Tax Office (ATO) online services in myGov, between 1 July 2020 and 24 September 2020. However the government has announced they will extend the application period to 31 December 2020.
NOTE: We are NOT able to release any funds from a Defined Benefit Account.
We can only release funds from an Accumulation Account.
To be eligible, members must require the COVID-19 early release of super to help them to deal with the adverse economic effects of COVID-19. To lodge a claim please see https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/early-access-to-your-super/?anchor=Compassionategrounds#Compassionategrounds
While most claims are genuine, the ATO has reported examples where people are doing the wrong thing. In some cases, the ATO has stopped applications and prevented super money from being released. In other cases, the ATO will review circumstances after an application has been processed to ensure the integrity of the program.
The ATO has a variety of data sources that allows it to check for claims made incorrectly. For example, the Single Touch Payroll system gives the ATO real time information about whether people are employed and how much they are being paid. Behaviours that attract ATO attention include:
The ATO reports it would “consider a range of possible outcomes – from taking no action where workers voluntarily disclose that they had withdrawn funds due to an honest mistake about their eligibility, up to imposing penalties of $12,600 for misleading statements.”
Source: ATO website and article in the Guardian Australian tax office moves to track down people who withdrew super inappropriately 30 July 2020 available at https://www.theguardian.com/australia-news/2020/jul/30/australian-tax-office-moves-to-track-down-people-who-withdrew-super-inappropriately