The government has announced that from mid-April (subject to legislation), eligible Australians will be able to withdraw up to $10,000 of their superannuation in 2019-20, plus a further $10,000 in 2020-21. These payments are tax-free and will not affect any Centrelink or Veterans’ Affairs payments. Members will be required apply directly to the ATO, rather than through their super fund. For more information, you can read the Government’s Fact Sheet.
Who is eligible?
In order to apply for early release of super, you must satisfy one or more of the following requirements:
- Are unemployed; or
- are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance; or
- on or after 1 January 2020:
^ were made redundant; or
^ working hours were reduced by 20% or more; or
- are a sole trader, their business was suspended or there was a reduction in turnover of 20% or more.
How much can I withdraw?
Those eligible can apply to access up to $10,000 of their superannuation before 1 July 2020.
·They will also be able to access up to a further $10,000 from 1 July 2020 for approximately 3 months, depending on exact timing of passage of legislation.
How do I apply?
Members will be able to apply for early release of their superannuation from mid-April 2020.
Eligible individuals must apply directly to the Australian Taxation Office (ATO) through the myGov website, www.my.gov.au. You are not required to apply through your super fund.
The ATO will issue a determination to you and, if you are successful, and direct your super fund to release their super payment.
The super fund will then make the payment to your nominated bank account.
