Persons who have been financially affected by COVID-19, may be able to access their Super and apply for up to $10,000 in 2019–20 and up to a further $10,000 in 2020–21. Access will be subject to Eligibility tests divided into 2 categories:
- Citizens and permanent residents of Australia and New Zealand
- Temporary residents
Once determined to be eligible, individuals then need to apply for the early release of Super
Citizens and permanent residents of Australia and New Zealand
To be eligible for early release of super, a citizen or permanent resident of Australia and New Zealand must be in one of the following circumstances:
- You are unemployed.
- You are eligible to receive one of the following
- Jobseeker payment
- Youth allowance for jobseekers (unless you are undertaking full-time study or are a new apprentice)
- Parenting payment (which includes the single and partnered payments)
- Special benefit
- Farm household allowance.
- On or after 1 January 2020 either
- You were made redundant
- Your working hours were reduced by 20% or more (including to zero)
- You were a sole trader and your business was suspended or there was a reduction in turnover of 20% or more.
To be eligible for early release of super, temporary residents 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.
Applying for early release of Super
Applications for early release of superannuation must be processed through the ATO online services via myGov. You can only submit one application for COVD-19 early release of super in each financial year i.e. if you request $5,000 during a financial year, you cannot make another application in the same year to request the additional $5,000 to make up the $10,000 limit.
The application form on myGov will display all your superannuation accounts, as reported to the ATO by your funds. You can request the release of your super from up to five separate super accounts. (i.e. If you want a total of $10,000 you can request $5,000 from one Super account, $3,000 from another super account and $2,000 from another super account and these accounts may be with different Super Funds).
For further information contact Oggy at email@example.com, Michelle at firstname.lastname@example.org, Lucinda at email@example.com or Hayden at firstname.lastname@example.org or contact your Financial Planner for assistance.
Date of Issue: 23 April 2020 Author: Noé Vicca
Disclaimer: The contents herein are intended for general information only and should not be construed as legal or accounting advice. Vicca Chartered Accountants Brisbane bears no responsibility for any loss that might occur from reliance on information contained in this publication. Please do not reproduce, transmit or distribute the contents herein in any form without prior permission from Vicca Chartered Accountants, Taxation Accountants Brisbane Australia.