While superannuation is generally reserved for retirement, the Government has recognised the financial stress many Australians are under due to Coronavirus and are putting measures in place that will allow people to access some of their superannuation early.
From 20 April, individuals will be able to apply for early access. The approved amount is up to $10,000 in 2019/20, and again in 2020/21. People accessing their superannuation will not need to pay tax on amounts released, and it will not affect Centrelink or Veterans’ Affairs payments.
Eligibility
To be eligible, you must fall into one or more of the categories below:
- unemployed
- eligible to receive a JobSeeker Payment, Youth Allowance for job seekers, Parenting Payment, special benefit or farm household allowance
- on or after 1 January 2020
- you were made redundant
- your working hours were reduced by 20 percent or more
- your business was suspended or there was a reduction in your turnover of at least 20 percent (sole traders only).
How to apply
From 20 April, apply directly to the Australian Taxation Office (ATO) via myGov.
For more information, visit:
Business Victoria: Early access to superannuation