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The Government is allowing individuals affected by the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21. TEMPORARY EARLY ACCESS TO SUPERANNUATION

While superannuation helps people save for retirement, the Government recognises that for those significantly financially affected by the Coronavirus, accessing some of their superannuation today may outweigh the benefits of maintaining those savings until retirement. Eligible individuals will be able to apply online through myGov to access up to $10,000 of their superannuation before 1 July 2020. They will also be able to access up to a further $10,000 from 1 July 2020 for approximately three months (exact timing will depend on the passage of the relevant legislation). Eligibility To apply for early release you must satisfy anyone or more of the following requirements:?you are unemployed; or?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?on or after 1 January 2020:you were made redundant; oryour working hours were reduced by 20 per cent or more; orif you are a sole trader ? your business was suspended or there was a reduction in yourturnover of 20 per cent or more.People accessing their superannuation will NOT need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans' Affairs payments.

https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Early_Access_to_Super_1.pdf

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Hi B,

You can see our latest story on the new hardship provisions for super here: https://www.moneymag.com.au/access-super-early-coronavirus.

- Money team

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I've been unwell woth reoccurring chest infections and my immune system is down. My doctor has given me 3 weeks off work and is looking to give me more time off work as I work within the aged care sector. I have run out of sick and annual leave. Will I be able to access my super? I'm with Qsuper

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Hi there,

Can you get early release of super for COVID-19, and then also later for medical reasons? Two withdrawals in same year, different reasons??

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19 year old son lost his job due to Covid-19. He lives at home. He is not entitled to Newstart or job seeker payment as it means tested on his parents income. He does not have any super. Can you claim early access to super due to dependant losing their income and you having to support them, paying for their expenses etc.

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Should I take out the 2 withdraws I am 60 out of work mortgage no unemployment benefits was on salary and don't have a bit in my fund

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He should be able to get 'Jobkeeper payment' if put off due to Covid-19 (see link attached)

https://treasury.gov.au/sites/default/files/2020-04/Fact_sheet_Info_for_Employees_2.pdf

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My wife lot her job due to cov19 we now only have my wage we a struggling to pay all our bill only on my wage . We can't manage is it possible for me to access my supper.as my wife dose not have much as I do

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I'm in the same position as Rob would be great to get an answer on this as we have 2 young children, but she does not qualify for any payments due to a recent career change and not long enough in her job.

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If someone had their super released approximately 3 months ago for financial hardship, can they withdraw another amount due the the covid-19 early release also?

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I'm in the same position and I can't seem to find an answer. Can we access my wife's super? I've lost my job and she only works part time...??

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I have same question I rang ato no one can anserw I released my super for hardship 3 months ago am I eligible as it is for a different reason and it's due to covid 19

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I have lost all my overtime due to covid-19 well over $1000 a week , can I access my super ?

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Was wondering the same thing.. I havent had any overtime this year and depend on it to get ahead.. I have earned nearly 20k less this financial year compared to last...

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Some friends got their 10k but their hrs didn't change nor their wage. Will they incur penalty or do they have to return the money in case?

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hi

I am a Registered Nurse, i lost my hours exactly by 20% due to unknown reason, but it has nothing to do with covid 19

Can i withdraw my super ?

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Started back work on June 1 am I entitied to apply on June 1 after losing more then 20% for an extended period of time

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I have had my first 10,000 just wounding if I can apply for another 10,000 in July as I still have enough money in my super.

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same here.hope someone can give answer in this situation.

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