By Neil Rabbitt
•
March 31, 2020
Applications for early release of superannuation will be accepted through myGov from 20 April.
You can register your interest now by logging in to your myGov account and following the Intention to access Coronavirus support instructions. If you don't already have a myGov account, you can set one up by selecting 'create an account'.
The ATO will notify you by email or SMS when applications open. You do not need to phone the ATO.
Those who experience financial stress as a result of the Coronavirus are eligible to access up to $10,000 in 2019/20, and a further $10,000 in 2020/21, from their super. These withdrawals will be tax free and will not impact Centrelink of DVA entitlements.
The withdrawals use a new, specific arm of the compassionate grounds condition of release. In order to be eligible, an applicant must meet one of the following conditions:
- Be unemployed,
- Be eligible to receive JobSeeker Payment, Parenting Payment, Special Benefit, Youth Allowance (other than as a full-time student or apprentice), or Farm Household Allowance,
- Be made redundant on or after January 1, 2020 or have had working hours reduced by 20% or more, or
- Be a sole trader who suffered a reduction in revenue of 20% or more.