Australian Taxation Office (04.05.2020) COVID-19 – early release of superannuation: Individuals financially affected by COVID-19 can access some of their superannuation early. The withdrawal is tax free.
Eligible Australian and New Zealand citizens and permanent residents are able to apply to access up to:
- $10,000 of their super until 30 June 2020
- a further $10,000 from 1 July 2020 until 24 September 2020.
To apply for early release, you must be unemployed or satisfy one of the requirements.
Eligible temporary residents are able to apply to access up to $10,000 of their super until 30 June 2020.
COVID-19 (novel coronavirus) – early release of superannuation
Individuals financially affected by COVID-19 can access some of their superannuation early. Individuals will not need to pay tax on amounts released and will not need to include it in their tax return.
The application is available through ATO online services in myGov.
Citizens and permanent residents
Eligible Australian and New Zealand citizens and permanent residents are able to apply to access up to:
- $10,000 of their super until 30 June 2020
- a further $10,000 from 1 July 2020 until 24 September 2020.
To apply for early release, you must satisfy one or more of the following requirements:
- You are unemployed.
- You 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.
- On or after 1 January 2020, either
- you were made redundant
- your working hours were reduced by 20% or more
- if you were a sole trader, your business was suspended or there was a reduction in your turnover of 20% or more.
Temporary residents
Eligible temporary residents are able to apply to access up to $10,000 of their super until 30 June 2020.
To apply for early release as a temporary resident, you must satisfy one or more of the following requirements:
- 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 and still employed but unable to meet immediate living expenses.
- You are a temporary resident visa holder (excluding student or skilled worker visas) and you cannot meet immediate living expenses.
You will not be required to attach evidence to support your application; however, you should retain records and documents to confirm your eligibility.
Withdrawing your superannuation may affect your:
- income protection insurance
- life / total permanent disability insurance cover.
Insurance may not be available on accounts that:
- are fully withdrawn
- have a balance below $6,000.
Accessing your super early will affect your super balance and may affect your future retirement income. Consider whether you need to seek financial advice before starting your application.