What is it?

From mid-April, individuals will be able to access up to $10,000 of their superannuation in 2019/2020, and a further $10,000 in 2020/2021

The withdrawals will be tax-free and will not affect Centrelink or Veterans’ Affairs payments.

Eligibility
  • Australian citizens & permanent residents and New Zealand citizens with Australian held super :
    • Be unemployed; 
      or
    • Be eligible to receive a JobSeeker payment, youth allowance for jobseekers, parenting payment, single and partnered payments, special benefit or farm household allowance; 
      or
    • on or after 1/1/2020:
      • Made redundant; 
        or
      • Working hours reduced by 20% or more; 
        or
      • A sole trader: business was suspended or a reduction in turnover of 20% or more
  • Temporary residents ARE NOW eligible - must be in one of the following circumstances:
    • You hold a student visa that you have held for 12 months or more and you are unable to meet immediate living expenses.
    • You are a temporary skilled work visa holder, your working hours have reduced to zero and you remain engaged with your employer.
    • You are a temporary resident visa holder (excluding student or skilled worker visas) and you cannot meet immediate living expenses.

How to apply:

  • apply directly to the ATO through the myGov  online from mid-April.


Deadline

  • The first $10k withdrawal deadline was at 30 June 2020
  • The second $10k withdrawal deadline has been extended to 31 December 2020 (previously it was due 24th September 2020)



References:

  1. ATO. 2020. Early access to your super - Last modified: 27 Mar 2020 QC 23235. [ONLINE] Available at: https://www.ato.gov.au/Individuals/Super/Withdrawing-and-using-your-super/Early-access-to-your-super. [Accessed 31 March 2020].
  2. ATO. 2020. Coronavirus - early release of superannuation industry consultation 24 March 2020 - Last modified: 27 Mar 2020 QC 61965. [ONLINE] Available at: https://www.ato.gov.au/Super/APRA-regulated-funds/In-detail/APRA-resources/Coronavirus---early-release-of-superannuation-industry-consultation-24-March-2020. [Accessed 31 March 2020].
  3. ATO. 2020. Individuals - Answers to questions - Last modified: 27 Mar 2020 QC 61775. [ONLINE] Available at: https://www.ato.gov.au/Individuals/Dealing-with-disasters/In-detail/Specific-disasters/COVID-19/?page=4#Financialhardship. [Accessed 1 April 2020].
  4. https://www.ato.gov.au/Individuals/Super/In-detail/Withdrawing-and-using-your-super/COVID-19-early-release-of-super/#Temporaryresidents
  5. https://www.sbs.com.au/news/temporary-visa-holders-in-australia-allowed-to-access-superannuation-as-coronavirus-support