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The government has announced that individuals affected by the Coronavirus can apply to access up to $10,000 of their superannuation in 2019-20 and up to a further $10,000 in 2020-21 (conditions apply).
Generally speaking there are limited ways in which you can access your superannuation early.
The federal government has announced a new temporary early release of superannuation, which will allow some individuals to access up to $10,000 of their superannuation this financial year and a further $10,000 next financial year (conditions apply).
This new early release measure is specifically to help households that are financially affected by the coronavirus situation, which is reflected in the eligibility criteria. It doesn’t change the existing ways to apply for early access to your super.
Here’s a summary of what you need to know.
Q: When does the new early release start?
A: You can apply to the ATO for early release of your superannuation from Monday 20th April. The application will be made directly to the ATO who will determine the eligibility of an individual to receive a payment.
Q: Who’s eligible to apply?
A: The government has specified that to apply for early release you must satisfy any one or more of the following requirements:
On or after 1 January 2020:
Q: How do I apply?
A: From Monday 20th April you can apply directly to the ATO through the myGov website. You’ll need to authenticate yourself through myGov and complete the application form in ATO Online. If you’re unable to access online services, you’ll be able to call the ATO, confirm your identity and complete the application over the phone.
After the ATO processes your application, they will issue you with a determination confirming your eligibility. The ATO will also provide a copy of this determination to your superannuation fund.
If you are intending to apply, we encourage you to log in to Member Online and make sure that your personal details, such as address, email and phone number, are up to date.
Please note, QSuper will work closely with the ATO through to mid-April to confirm the process to make a payment to an eligible member once the ATO provides a determination. We will update this page with more information once known.
Q: What are the tax implications?
A: According to the government, people accessing their superannuation under this new coronavirus-related early release measure will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments.
Q: I have an existing early access hardship claim in progress / I have received an early access hardship claim in the last 12 months what does this mean for me?
A: Early access due to financial hardship is a different claim and criteria to the newly announced and temporary rule. If you’re currently eligible to receive a hardship claim, you are able to submit your application as usual.
Note – if you have already received a hardship payment, you are unable to request the tax deducted from your payment to be paid to you.
Q: How do I update my bank and other details with you to make sure I get my payment as soon as possible?
A: You can check that your contact details are up-to-date by logging in to Member Online. We do not keep proof of identity and bank details on file for our members, these will be obtained during the payment process. Note, though that you will need to apply for the benefit via the ATO first.
Q: My employment has not been affected, but my spouse has lost income due to the Coronavirus. Can I access funds from my super as well?
A: The eligibility information as outlined only specifies individual situation. So it would seem that it needs to be you as an individual that has been affected, not your partner. However, the ATO will be conducting the assessment process, so this would be a question for them. As we’ve noted, applications will be available through the ATO from Monday 20th April.
Q: How do I find out more?
A: You can download the Early access to superannuation factsheet from treasury.gov.au.
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