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.
- Australian citizens & permanent residents and New Zealand citizens with Australian held super :
- Be unemployed;
- Be eligible to receive a JobSeeker payment, youth allowance for jobseekers, parenting payment, single and partnered payments, special benefit or farm household allowance;
- on or after 1/1/2020:
- Made redundant;
- Working hours reduced by 20% or more;
- 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.
- 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)
- 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].
- 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].
- 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].