COVID-19 Early Access To Superannuation

As you may already be aware, the Australian Government has released a new legislation allowing Aussies to access a portion of their superannuation early in order to offer some financial relief considering the growing impact of COVID-19.

This means that those who are eligible will be able to access $10,000 from their super before the 1^st of July, and potentially another $10,000 after the 1^st of July for 3 months.

To be eligible for the early access of super, you’ll have to meet at least one of the following requirements:

1.You’re unemployed.

2.You’re receiving or eligible to receive a job seeker payment (Newstart allowance), youth allowance for jobseekers, parenting payment or special benefit or farm household allowance.

3.You were made redundant on or after the 1^st of January.

4.Your working hours were reduced by 20% or more on or after the 1^st of January.

5.If you are a sole trader, your business has been suspended or there’s been a reduction in turnover of 20% or more on or after the 1^st of January.

You can expect to be able to make use of the new legislation if it passes (as expected) from mid-April.

You can apply for the early release of funds via your MyGov account and applying via the ATO.

There’ll be further info via the Australia Government Treasury website, or feel free to give us a call and we’ll help out where we can.