As a result of the impact of COVID-19, eligible individuals are now able to access some of their superannuation in order to assist with economic hardship.
To apply for an early release of superannuation, the original cut-off date was Thursday 24 September 2020. This has now been extended to Thursday 31 December 2020.
The application process needs to be done online via MyGov. If you have a Self Managed Superannuation Fund (SMSF) and your available funds are not showing in your MyGov, you can contact the ATO directly on 13 10 20.
All withdrawals made under this policy are tax-free and do not impact Centrelink, Veteran Affairs or JobKeeper payments.
West Carr & Harvey provide this advice as a legislative update, and as such do not necessarily recommend it is the best solution for you. If you are suffering from economic hardship and would like to consider measures to assist, please feel free to contact us and we can help you based on your individual circumstances.
Further information can be found on the ATO website.
General Advice Disclaimer: This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.