{"id":275,"date":"2020-04-10T13:14:03","date_gmt":"2020-04-10T10:14:03","guid":{"rendered":"https:\/\/calculatorsworld.com\/financial\/?p=275"},"modified":"2020-04-15T17:53:22","modified_gmt":"2020-04-15T14:53:22","slug":"covid-19-early-access-to-your-super-in-australia","status":"publish","type":"post","link":"https:\/\/calculatorsworld.com\/financial\/covid-19-early-access-to-your-super-in-australia\/","title":{"rendered":"COVID-19 Early access to your super in Australia"},"content":{"rendered":"\n<p>Besides other taken measures to help individuals Australian government is allowing early access to your super in very limited circumstances.<\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<p style=\"background-color:#f7e0a1\" class=\"has-background\">You can&#8217;t use early access to your super and transfer it into a self-managed super fund. It is illegal and heavy penalties would apply. For more information, about illegal early release of super <a rel=\"noreferrer noopener\" href=\"https:\/\/www.ato.gov.au\/Individuals\/Super\/In-detail\/Withdrawing-and-using-your-super\/Illegal-super-schemes---beware-of-offers-to-withdraw-your-super-early\/\" target=\"_blank\">read here<\/a>.<\/p>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n<p>Applications for early release of superannuation (super) will be accepted through ATO online services in <a href=\"https:\/\/my.gov.au\/\" target=\"_blank\" rel=\"noreferrer noopener\">myGov<\/a> from <strong>20 April, 2020<\/strong>.<\/p>\n\n\n\n<p>The government is allowing individuals affected by COVID-19 to access up to $10,000 of their superannuation in 2019\u201320 and a further $10,000 in 2020\u201321. Individuals will not need to pay tax on amounts released and will not need to include it in their <a href=\"https:\/\/calculatorsworld.com\/financial\/australian-income-tax-calculator\/\">income tax return<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">For Australian and New Zealand citizens and permanent residents<\/h2>\n\n\n\n<p>Eligible Australian and New Zealand citizens and permanent residents will be able to apply to access up to:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>$10,000 of their super before 1&nbsp;July&nbsp;2020<\/li><li>a further $10,000 from 1&nbsp;July&nbsp;2020 until 24&nbsp;September&nbsp;2020.<\/li><\/ul>\n\n\n\n<p>To apply for early release, <strong>you must satisfy one or more of the following requirements<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>You are unemployed.<\/li><li>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.<\/li><li>On or after 1&nbsp;January&nbsp;2020, either<ul><li>you were made redundant<\/li><li>your working hours were reduced by 20%&nbsp;or&nbsp;more<\/li><li>if you were a sole trader, your business was suspended or there was a reduction in your turnover of 20%&nbsp;or&nbsp;more.<\/li><\/ul><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">For temporary residents<\/h2>\n\n\n\n<p>The government has also announced that eligible temporary residents will be able to apply to access up to $10,000 of their super before 1&nbsp;July&nbsp;2020.<\/p>\n\n\n\n<p>To apply for early release as a <strong>temporary resident, you must satisfy one or more of the following requirements<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>You hold a student visa which you have held for 12 months or more and you are unable to meet immediate living expenses.<\/li><li>You are a temporary skilled work visa holder, your working hours have reduced to zero and you remain engaged with your employer<\/li><li>You are a temporary resident visa holder (excluding student or skilled worker visas) and you cannot meet immediate living expenses.<\/li><\/ul>\n\n\n\n<p>You will not be required to attach evidence to support your application; however, you should retain records and documents to confirm your eligibility.<\/p>\n\n\n\n<div class=\"wp-block-group has-background\" style=\"background-color:#f7e0a1\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<h2 class=\"wp-block-heading\">Warnings<\/h2>\n\n\n\n<p>Withdrawing your superannuation may affect your:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>income protection insurance<\/li><li>Life \/ Total Permanent Disability insurance cover.<\/li><\/ul>\n\n\n\n<p>Insurance may not be available on accounts that:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>are fully withdrawn<\/li><li>have a balance below $6,000.<\/li><\/ul>\n\n\n\n<p><strong>Consider whether you need to seek financial advice before starting your application.<\/strong><\/p>\n<\/div><\/div>\n\n\n\n<p>For more information check ATO website <a href=\"https:\/\/www.ato.gov.au\/individuals\/super\/withdrawing-and-using-your-super\/early-access-to-your-super\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.ato.gov.au\/individuals\/super\/withdrawing-and-using-your-super\/early-access-to-your-super\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Australian government is allowing early access to superannuation for eligible Australian and New Zealand citizens and permanent residents and temporary residents.<\/p>\n","protected":false},"author":1,"featured_media":281,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[9,6,7,11,8,10],"class_list":["post-275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ato","tag-australia","tag-covid-19","tag-new-zealand","tag-superannuation","tag-temporary-resident"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - 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