Superannuation Stimulus
Last updated 15 May 2020
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 until 24 September 2020.
Individuals accessing their superannuation will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink and Veterans’ Affairs payments, or the JobKeeper Payment.
FAQ's
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% or more; or
- if you are a sole trader – your business was suspended or there was a reduction in your turnover of 20% or more.
Yes, the new early access to super payment announced as part of the Government’s response to Coronavirus is in addition to existing early release options such as severe financial hardship, etc. It’s also temporary, applying only to the 2019/20 and 2020/21 financial years.
This will depend on your personal circumstances, especially your current super balance and your age. A financial advisor can help you work out the best approach.
No, amounts you withdraw under the Coronavirus early access provisions will be tax free.
Yes, if you have several super accounts, you can withdraw from more than one, up to a combined amount of $10,00 for the 2019/20 financial year and a further $10,000 for the 2020/21 financial year.
No, $10,000 is the maximum amount you can access in each year. You can apply to access up to that amount.
This information is current as of the latest updated date, however due to the evolving response to the crisis, we will update as changes occur.