Employees who have been made redundant, or those who have their working hours reduced by 20 per cent or more, or sole traders whose businesses have been suspended or see a reduction in turnover by 20 per cent or more will also now be allowed to access up to $20,000 of their superannuation.
Eligible individuals will be able to access up to $10,000 of their superannuation before 1 July 2020, and be able to access up to a further $10,000 from 1 July 2020 for approximately three months.
The criteria for accessing super earlier is that you must satisfy one of the following conditions.
- You are unemployed
- You are eligible to receive a Jobseeker payment, Youth Allowance for jobseekers, Parenting Payment (which includes the single and partnered payments), special benefit or Farm Household Allowance
- You were made redundant on or after 1 January 2020
- Your working hours were reduced by 20 per cent or more on or after 1 January 2020
- If you are a sole trader, your business was suspended or there was a reduction in your turnover of 20 per cent or more on or after 1 January 2020
Individuals eligible for early release can apply directly to the ATO through the myGov website, where they will need to certify that the above eligibility criteria are satisfied.
For more information regarding the above, please see more…