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Early access to super

The Australian Government is allowing eligible individuals to access up to $10,000 tax-free from their superannuation before 1 July 2020, and then up to $10,000 again at the beginning of the 2020/21 financial year.


Eligibility


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, 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


If you are eligible then you apply directly to the ATO through the myGov website.


Timing


You can apply from mid-April 2020.


Click here for a look at the government fact sheet.



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