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COVID-19 and early access to your super

Key points

  • If you are in financial stress as a result of coronavirus you may be able to access up to $10,000 of your superannuation in 2019-20 and a further $10,000 in 2020-21
  • You apply directly to the ATO through the myGov website
  • You can apply for early access from mid April-2020
  • You cannot apply through Freedom of Choice directly
  • Once the ATO processes your application, we will let you know how you need to confirm your identity and bank account details with us
  • Early access payments are tax-free
  • Early access payments won’t affect Centrelink or Veterans’ Affairs payments

Temporary early access to your super

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.

Am I eligible?

To apply for early release of your super, you must satisfy one or more of the following requirements:

You are unemployed,

or

You are eligible to receive a:

  • job seeker payment, or
  • youth allowance for jobseekers, or
  • parenting payment (including the single and partnered payments), or
  • special benefit, or
  • farm household allowance,

or

On or after 1 January 2020, you:

  • were made redundant, or
  • had your working hours reduced by 20% or more, or
  • are a sole trader and your business was suspended or there was a reduction in your turnover of 20% or more.

How do I apply?

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?

  1. You will need to certify that you meet the above eligibility criteria.
  2. The ATO will let you know once they process your application.
  3. We will let you know how you need to confirm your identity and bank account details with us.
  4. We will then make the payment to you.

If you would like further information and guidance, please see the government’s fact sheet.

  • Freedom of Choice © 2020
  • PO Box 3528, Tingalpa DC QLD 4173
  • 1800 806 013
  • enquiries@freedomofchoice.com.au