If you have been financially affected by COVID-19, you may be able to access some of your superannuation early.
Eligible citizens and permanent residents of Australia or New Zealand can apply for up to $10,000 in 2019–20 and up to a further $10,000 in 2020–21.
Eligible temporary residents are able to apply once to access up to $10,000 of super in 2019–20.
Applications can be submitted online through myGov:
On this page:
It is important that you assess your eligibility accurately. We are administering this measure on behalf of all Australians and will manage the eligibility criteria with strict guidelines to ensure we can support those financially affected by COVID-19. There are penalties for making false and misleading statements.
You can't access your super early for a dependant. If your dependant is financially affected by COVD-19, they must apply themselves.
You can only submit one application for COVID-19 early release of super per financial year. You are still able to apply for COVID-19 early release of super if you have previously accessed your super early in other circumstances.
Implications of accessing your super earlyAccessing your super early will affect your super balance and may affect your future retirement income.
Withdrawing superannuation may also affect your:
You can only submit one application for COVD-19 early release of super in each financial year:
The application form on myGov will display all your superannuation accounts, as reported to us by your funds. You can request the release of your super from up to five super accounts. For example, if you want to receive a total of $10,000 you can request $5,000 from one fund and a second $5,000 from another fund. This must be done within one application form.
Current super balanceWe encourage you to check your fund's online portal to confirm your current accurate balance. Your current super balance may be lower or higher than what is shown in the application form. The amount shown in the form is the amount last reported to us and your fund does not need to report your current balance to us.
You can apply for an amount higher than the balance shown in the application form (up to $10,000), provided your current balance is sufficient. This includes if a 'nil' amount is showing in the application form. For example, if you've confirmed your fund balance is $8,000, but the amount showing in ATO Online is $0.00 you can still apply for a release up to $8,000.
If you apply for an amount greater than your current balance, your fund will release the amount currently available (up to $10,000). For example, if you request $8,000, but your current balance is only $7500 your fund will release $7500.
Application tipsYou can only submit one application for COVID-19 early release of super per financial year. To make the application process as smooth as possible, please check the following information is correct before you submit your application:
An application can't be withdrawn or cancelled once it has been submitted. If you no longer want the release of your super, you will need to contact your fund.
Once your application is approved you do not need to contact us or your fund. Your fund will make the payment to you without you needing to apply to them directly. The Australian Prudential Regulation Authority (APRA) have issued guidance to super funds and expect payment to be made to members within five business days. However, this time may increase where funds need to contact you to clarify information. More information can be found on APRA's websiteExternal Link.
If your fund is a SMSF, you will need to let them know that you have received the determination so they can make the payment to you.
Be aware of scams and schemesEarly access of your super is a free government service to help and support you during the impacts of COVID-19. Be aware of scams and schemes asking you to pay to release your super.
We’re concerned about scams or schemes where people:
Source : ATO