Early access to superannuation
Last Updated: 22 September 2020
Eligible Australia and New Zealand citizens and permanent residents of can apply to access up to $10,000 of their superannuation from 1 July 2020 until 31 December 2020. Applications for the 2019-20 financial year closed on 30 June 2020.
Temporary residents are not eligible to apply in the 2020-21 financial year.
If you're eligible and need to access your super early you won't pay tax on super you withdraw.
Eligibility
You can apply to access your super if you meet one or more of these requirements:
- you are unemployed
- 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
- on or after 1 January 2020, either
- you were made redundant
- your working hours were reduced by 20 per cent or more
- if you are a sole trader — your business was suspended or there was a reduction in your turnover of 20 per cent or more
Implications of accessing your super early
Accessing your super early will affect your super balance and may affect your future retirement income. Withdrawing super may also affect your:
- income protection insurance
- life and total permanent disability insurance cover.
Consider seeking financial advice before submitting your application for early release of super. Services Australia’s Financial Information Service can give you free, confidential financial information.
How to apply
You can apply through your myGov account.
Before you start the application process, you should:
- set up your myGov account and link it to the ATO
- have your Australian bank account information available – you will need this to complete your application and note, only Australian bank accounts are accepted
- check your super balance – your actual account balance may be higher or lower than that shown in ATO online or in the early release application form
