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

People are being encouraged to wait until late April to apply while the ATO sets up the system to accept applications to support this measure. This is likely to be an application form through their myGov account and for those that cannot do so online, they will be able to call ATO. Information will be provided on our website as soon as application forms are available.

The measure does not affect existing superannuation measures to access super on compassionate grounds or access to superannuation due to severe financial hardship.

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