COVID-19 (1) Early access to superannuation

Eligible individuals will be able to apply for early release of superannuation 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 three months (exact timing will depend on the passage of the relevant legislation). To add these two payment together, eligible individuals will be able to recevied Max $20,000 from their super fund.

Eligibility

To apply for early release you must satisfy any one or more of the following requirements:

  • you're unemployed

  • you're 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

  • you were made redundant

  • your working hours were reduced by 20 per cent or more

  • if you're a sole trader, your business was suspended or there was a reduction in your turnover of 20 per cent or more.

People accessing their superannuation will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments.

Separate arrangements will apply if you are a member of a self-managed superannuation fund (SMSF).

Timing

You'll be able to apply for early release of your superannuation from mid-April 2020.

Accountant Advices

  • For employee, if you are on unpiad leave or your working hours reduced by 20% during the shutdown, then you are eligible for the Max $20,000 super early release.

  • For emplyer, if your business suffer loss during the shutdown and you have to reduce the working hours for your staff, you as employer may offer your staff for a certificate of reduce hours, which your staff can get Max $20,000 cash flow from their superannuation fund.


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