8. Early release of superannuation
While the government has introduced the measure to allowing individuals in financial distress to access up to $10,000 of their superannuation in 2019-20, and a further $10,000 in 2020-21, they have emphasised this measure is for those individuals highly affected by COVID-19.
The ATO and government will have integrity measures in place to assess and review the claims and assess the grounds for early release of superannuation.
If a taxpayer has in prior years contributed concessional contributions, and has a genuine need and reason to access the funds early this year, they would be in a better position to demonstrate why they needed the funds.
If a taxpayer has never contributed concessional contributions and seeks to apply for the early release of superannuation and decides to later re contribute an amount back to their super fund and claim a tax deduction, this will seem unusual and may trigger a review from the ATO.
