Early Access To Super Fact Sheet

Due to the financial strain that COVID19 may cause some individuals, the Australian Government is allowing us to access $10,000 from our superannuation before 1 July 2020, and a further $10,000 following 1 July 2020.

It is advised that you speak to a financial planner before acting on this information.

To be eligible, you must meet at least one of the following conditions:

• You are unemployed
• You are eligible to receive a job seeker payments, youth allowance for job seekers, parenting payment (both single and partnered), special benefit, or farm household allowance
• On or after 1 January 2020:
  • you were made redundant
  • your working hours were reduced by 20% or more
  • if you are a sole trader – your business was suspended or there was a reduction in your turnover of 20% or more

You will not need to pay tax on this early release of super, neither will it affect your Centrelink or Veterans’ Affairs payments.

Please see the above fact sheet for further details.