4. Superannuation measures
Early release of superannuation
Individuals in financial distress may be able to access up to $10,000 of their superannuation by 30 June 2020, and a further $10,000 in the 2021 financial year. Amounts released from superannuation under this measure will be tax free and not affect Centrelink or Veteran Affairs payments. Any application must be made within six months of the amendments commencing.
To be eligible for early release you must satisfy any one or more of the following requirements:
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you are unemployed; or
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you 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
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on or after 1 January 2020: you were made redundant; or your working hours were reduced by 20 per cent or more;
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if you are a sole trader and your business was suspended or there was a reduction in your gross income of 20 per cent or more.
Individuals will need to apply directly to the ATO through their myGov account and can only apply once in each financial year. Once the application is approved, the ATO will provide a copy of the determination to the individual and instruct the superannuation fund to release the amounts to the individual. To ensure timely payment, the individual will need to ensure they have the correct bank account details and proof of identity documents.
