Early release of super
The Government has announced a new measure about early release of superannuation for COVID-19. Individuals affected by COVID-19 can access up to $10,000 of their superannuation in 2019-20 and up to 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 Veterans’ Affairs payments. More information is available on ATO’s website – early release of super link
The measure does not affect existing superannuation measures to access super on compassionate grounds or access to superannuation due to severe financial hardship.
Includes eligibility, impact, options and more…
People financially affected by the coronavirus pandemic can access some of their super, but what will it cost long-term?