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Eligible individuals will be able to apply online 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 until 24 September 2020.

Eligibility


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

  • you're unemployed
  • you're eligible to receive a JobSeeker Payment, Youth Allowance for job seekers, Parenting Payment (which includes the single and partnered payments), Special Benefit or Farm Household Allowance
  • on or after 1 January 2020
    • you were made redundant
    • your working hours were reduced by 20 per cent or more
    • if you're a sole trader, your business was suspended or there was a reduction in your turnover of 20% or more

People accessing their superannuation will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments.

Timing


You will be able to apply for early release of your superannuation from 20 April 2020.

How to apply


Applications for early release of superannuation will be accepted through myGov from 20 April, 2020.

You can register your interest now by logging in to your myGov account and following the Intention to access coronavirus support instructions. If you don’t already have a myGov account, you can set one up by selecting 'create an account'.

Australian Taxation Office (ATO) will notify you by email or SMS when applications open.

Examples of the early access to superannuation


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