Coronavirus Early Access to Super
Updated 30 March 2020
As part of the Australian Government’s economic response to COVID-19, it was announced that individuals affected by the Coronavirus will be granted early access to their superannuation. People will be able to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21.
On Monday 20 April the ATO will make the application form for Coronavirus early release of super, available for individuals to use. From that date, individuals will be able to commence applications.
An individual can make one application in respect of the 19-20 financial year and one application in respect of the 20-21 year (which must be made prior to 24 September 2020).
To apply for early release you must satisfy any one or more of the following requirements:
- you are unemployed; or
- you are eligible to receive a job seeker payment, youth allowance for jobseekers or 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; or
- your working hours were reduced by 20 per cent or more; or
- if you are a sole trader — your business was suspended or there was a reduction in your turnover of 20 per cent or more.
How to apply
From 20 April 2020, if you are eligible for this new ground of early release, you can apply directly to the ATO through the myGov website. You will need to certify that you meet the above eligibility criteria.
After the ATO has processed your application, they will issue you with a determination. If your application is successful, the ATO will also provide a copy of this determination to your superannuation fund, which will advise them to release your superannuation payment.
Separate arrangements will apply if you are a member of a self-managed superannuation fund (SMSF).
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.
Please note: These measures are only available for Australian citizens and Permanent residents and do not apply to defined benefit accounts.