There are significant reports that scammers have
gained access to numerous superannuation accounts through the use of
MyGov. A reported $120,000 has been stolen. Our advice is to be
very careful and do not give your details to anyone.
helps people save for retirement, the Government recognises that for those
significantly financially affected by the Coronavirus, accessing some of their
superannuation today may outweigh the benefits of maintaining those savings
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 until 24 September 2020.
To apply for early
release you must satisfy 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
- you were made redundant; or
- your working hours were reduced by 20 per cent 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.
their superannuation will not need to pay tax on amounts released and the money
they withdraw will not affect Centrelink or Veterans’ Affairs payments.
How to Apply
If you are eligible
for this new ground of early release, you can apply directly to the ATO through
the myGov website: www.my.gov.au. You will
need to certify that you meet the above eligibility criteria.
After the ATO has
processed your application, they will issue you with a determination. The ATO
will also provide a copy of this determination to your superannuation fund,
which will advise them to release your superannuation payment. Your fund will
then make the payment to you, without you needing to apply to them directly.
Separate arrangements will apply if
you are a member of a self-managed superannuation fund (SMSF).
will be available on the ATO website.
You will be able to apply for early
release of your superannuation from 20 April 2020.