To help Australians as well as permanent and temporary visa holders in the pandemic situation, the Australian government has allowed access to their super fund. In this COVID-19 affected situation, eligible superannuation members can withdraw up to 10,000 dollars from their super saving. If you qualify, you can withdraw 20,000 dollars from your super this year. For the first 10,000 dollars, you need to apply until 30 June 2020, and for another 10,000 dollars, you need to apply from 1 July 2020 until 24 September 2020.
Is there any associated cost for the early release of super?
No, there no associated cost to get access to your super early in this COVID-19 crisis. You can apply for it through your MyGov account only with filling some information. But, to get access to your super early, you need to be eligible as per Australian government criteria.
Who are eligible for the early release of super?
To get access super in this COVID-19 crisis, you must be an unemployed person or were redundant on or after 1 January 2020. Australian citizens, permanent residents as well as temporary visa holders also eligible to get their super early with the following situations:
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When to apply for the early release of super?
To access your super in this COVID-19 pandemic situation, you would be eligible to apply for the first 10,000 dollars from 20 April 2020; you do not need to rush for it; you can apply until 30 June 2020.
If your financial situation remains similar to today, you can apply for release another 10,000 dollars from your super. For that, you need to apply from 1 July 2020 until 24 September 2020.
How to apply to get an early release of super?
You can apply yourself to get your super early in this pandemic situation. For that, you can send an application through your myGov account from 20 April 2020. If you login to MyGov account, you will see notice and link for it on the top of the homepage.
You can register your interest clicking the link with super withdraw information, where it mentions the intention to access coronavirus support.
If you don’t already have a myGov account, you can set one up by selecting ‘create an account’.
Steps
- Browse the ATO website through MyGov (you need to login MyGov first and click on ATO service if you linked already if not you need to).
- Fill the self-assessment form and eligibility declaration provided there.
- The ATO will assess your application on the base of eligibility criteria if you found eligible, your super fund will deposit withdrawn super into your nominated bank account within five days.
Watch this video for step by step guide:
How do I know when I get my early release of super?
Australian Taxation Office (ATO) will notify you by email or SMS you’re your applications opens and release process completes. Your money will be deposited into your bank account within 5 working days once approved.
Be mindful while applying for early release of super
Though government relaxation for super access helps you in this pandemic situation, it will affect your super balance and may change your future retirement income adversely. You must know its impact in the future; seek financial advice from professionals if you want to make an informed decision regarding withdrawing your super before you apply.
Note: This is not a piece of financial advice, neither NepaliPage endorses you to apply for early super withdrawal.
