If you’re impacted by the effects of Coronavirus (COVID-19), the Government is allowing individuals to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21.
Superannuation has been designed to help people save for retirement. The government recognises that there are many individuals who have and will be significantly financially affected by the impacts of COVID-19. As a result, they are allowing certain members of society to access part of their superannuation early as this may outweigh the benefits of waiting out till retirement to access their savings. The government is also offering multiple packages to support households and businesses. A list of these can be found under Government Support on our COVID-19 page.
Eligible individuals will be able to apply online through myGov to access up to $10,000 of their superannuation before 1 July 2020. They will also be able to access up to a further $10,000 from 1 July 2020 for approximately three months (exact timing will depend on the passage of the relevant legislation).
Am I eligible?
To apply for early access to your superannuation, you must be subject to any one or more of the following requirements:
- you are unemployed; or
- you are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance; or
- on or after 1 January 2020:
- you were made redundant; or
- your working hours were reduced by 20% or more; or
- if you are a sole trader, your business was suspended or there was a reduction in your turnover of 20 per cent or more
Will I be taxed?
If you’re eligible for accessing your superannuation early, you will not need to pay tax on amounts released and the money withdrawn will not affect Centrelink or Veterans’ Affairs payments.
How do I apply?
If you are eligible, you will need to apply online through myGov for early access to your super from mid-April 2020.
Please note: you cannot apply through Christian Super directly.
What is the process?
- You will need to certify that you meet the above eligibility criteria.
- The ATO will process your application and inform you of their decision.
- You will need to confirm your identity and bank details by completing and returning the Christian Super Form.
- We will then make the payment to you.
To ensure you receive your payment as soon as possible, you will need to complete the Christian Super Form and return it by:
Please note: We do not accept e-signatures and due to the current climate, our office presence is limited. Therefore, emailing your form will ensure your details are updated quicker.
Post us your Christian Super Form and certified ID to:
Locked Bag 5073
Parramatta NSW 2124
Separate arrangements will apply if you are a member of a self-managed superannuation fund (SMSF). Further guidance will be available on the ATO website: www.ato.gov.au.
Our Member Care Team is here to help you with questions around early access to your superannuation.
Phone: 1300 360 907
9:00am – 6:00pm (AEDT) Monday to Friday
For more information on the Australian Government’s Economic Response to the Coronavirus visit treasury.gov.au/coronavirus.
Businesses can visit business.gov.au to find out more about how the Economic Response complements the range of support available to small and medium businesses.
In relation to the early release of superannuation, Treasury has stated that ‘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’. There are other areas of financial support that you may be eligible for other than your superannuation, including through home loan deferrals, bill deferrals and government payments. This is general advice only and you should consider your personal circumstances and seek financial advice as appropriate before making a decision on whether seeking early release of superannuation is appropriate for you.