Early Access to Superannuation
If you as an eligible individual are effected by the Coronavirus you can access your superannuation for up to $10,000 in the current financial year and a further $10,000 in the 2020-2021 financial year. This will be effective from mid-April 2020.
So, who is eligible?
- You are unemployed;
- You are eligible to receive job seeker payment, youth allowance for jobseekers, parenting payment, special benefit or farm household allowance; or
- On or after 1 January 2020
- You were made redundant;
- Your working hours were reduced by 20% or more;
- If you are a sole trader, your business was suspended or there was a reduction in your turnover of 20% or more.
NOTE THERE WILL BE NO TAX PAYABLE ON THE AMOUNTS WITHDRAWN
If you meet the criteria and wish to access your superannuation then you need to apply directly to the Australian Taxation Office through the myGov website.
Further you will need to certify that you meet the criteria.
If successful the ATO will issue you with a determination to your superannuation fund which will provide them with the authority to release your payment. So you wont need to apply to your superannuation fund
When can you apply? ANSWER MID-APRIL 2020
Please call the Balanix Team if you need assistance navigating this very trying time 07 3264 4783.
To access information on more assistance on offer to business go to https://balanixsolutions.com.au/business-support-through-covid-19-coronavirus/