Superannuation and COVID-19: Early access to super benefits

SuperannuationEmployment Law and OH&S
Written By Rod Payne

The Government will allow members to access $10,000 of their super benefits in the 2019/20 year and a further $10,000 from 1 July 2020 until 24 September 2020 in the 2020/21 year. For ATO information in relation to the measure, click here.

To apply for early release, a member must satisfy one or more of the following requirements:

  • They are unemployed; or

  • They are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance; or

  • On or after 1 January 2020, either

    • they were made redundant; or

    • their working hours were reduced by 20% or more; or

    • if they are a sole trader - their business was suspended or there was a reduction in their turnover of 20% or more.

Applications will be accepted through MyGov from 20 April and registration of interest can be made immediately.  Applicants are not be required to attach evidence to support the application, however, members should retain records and documents to confirm eligibility.

For further information please contact:

Rod Payne
Principal
T: 03 5226 8541
E: rpayne@ha.legal

Alasdair Woodford
Senior Associate
T: 03 5225 5217
E: awoodford@ha.legal

Rod Payne http://www.harwoodandrews.com.au/rod-payne
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