Early access to superannuation due to COVID-19

Early Release of Super Due to COVID-19

Applications will be accepted through myGov from 20 April 2020.

Individuals affected by COVID-19 can access up to:

• $10,000 of their super before 1 July 2020.

• A further $10,000 from 1 July 2020 until 24 September 2020.

You may be eligible if you satisfy one or more of the following requirements:

• An Australian citizen Australian Resident. Ie able to receive job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance,

• Unemployed - on or after 1 January 2020, either:

  • You were made redundant o 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.

Evidence

• No support required for your application but retain records and documents.

Beware

Withdrawing your superannuation may affect your:

• Income protection insurance

• Life/Total Permanent Disability Insurance cover Insurance may not be available on accounts that are fully withdrawn or balance is <$6k.

I suggest this to be a final resort decision and please consider whether you need to seek financial advice before finalising your application. Let me know to be connected.