While superannuation helps people save for retirement, the Government has recognised that for those significantly financially affected by the coronavirus, accessing some of those savings today may outweigh the benefits of maintaining those savings until retirement.
The federal government has announced that people facing financial stress as a result of the COVID-19 pandemic will be granted early access to their super. Eligible individuals will be able to apply online through myGov to access up to $10,000 of their superannuation before 1 July 2020. If you are eligible, you will also be able to access up to a further $10,000 from 1 July 2020 for approximately three months – with the exact timing dependent on the changes to relevant laws.
It is important to note, you cannot apply through Freedom of Choice directly.
To apply for early release of your super, you must satisfy one or more of the following requirements:
You are unemployed,
You are eligible to receive a:
On or after 1 January 2020, you:
If you are eligible, you can apply online through myGov for early access to your super from mid April 2020.
Please note: you cannot apply through Freedom of Choice directly.
What is the process?
If you would like further information and guidance, please see the government’s fact sheet.