Temporary Early Release of Superannuation
The Government is allowing individuals affected by the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21. Individuals will not need to pay tax on amounts released, and the money they withdraw will not affect Centrelink or Veteran’s Affairs payments.
For the early release of superannuation, one of the following conditions of release must be satisfied:
- The individual is unemployed.
- The individual is eligible to receive the Jobseeker Payment, Youth Allowance for jobseekers, Parenting Payment, Special Benefit or Farm Household Allowance.
- On or after 1st January 2020:
- The individual was made redundant; or
- The individual’s working hours were reduced by at least 20%; or
- If the individual is a sole trader – their business was suspended, or there was a reduction in the business’s turnover of at least 20%.
The ATO processes the early release of superannuation through the individual’s myGov website.