Changes to Superannuation in response to COVID-19
In response to the COVID-19, the Australian government has made changes to access of your superannuation.
What does this mean for you?
If you meet the eligibility requirements, you can access up to $10,000 from your superannuation savings, in both this financial year and the next*.
Eligibility requires one of the following:
- Redundancy on or after 1 January 2020
- A reduction to working hours of 20 per cent or more
- For sole traders — business was suspended or there was a decrease in turnover of 20 per cent or more over the last six months
- Eligible to receive Centrelink payments for any of the following:
- job seeker payment
- youth allowance for jobseekers
- parenting payment (which includes the single and partnered payments)
- special benefit or farm household allowance
How do I access my Super?
You will need to apply online through MyGov. If the ATO approves your application they will contact your Super Fund. The payment will come directly from your Super Fund.
The ATO are yet to advise the procedure for SMSFs.
These measures are expected to be operational by mid-April.
If you choose to withdraw money from your super, the money will be tax-free and will not affect Centrelink or Vets’ Affairs payments.
*Only one application will be allowed in each year. If the full $10,000 is not applied for this year, the member cannot subsequently apply for the balance remaining this year but may apply for the full $10,000 again next year.