Coronavirus and accessing super early
The Government is allowing early access to super savings for members affected by the Coronavirus (COVID-19). If eligible, you may be able to access up to $10,000 of your super until 30 June 2020, and a further $10,000 from 1 July 2020 to 24 September 2020, by applying online through MyGov from 20 April 2020.
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 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 as suspended or there was a reduction in your turnover of 20% or more.
Eligible members will be able to apply to access their super early through the Australian Taxation Office (ATO) via MyGov from 20 April 2020. They will not need to pay tax on amounts released under this new measure.
We’ll update you as more information becomes available. Find out how we’re managing the impact of COVID-19.
- You can only apply for this early access via MyGov with effect from 20 April 2020. You can’t apply via AustralianSuper.
- Before accessing your super, consider the impact this may have on your retirement benefits and insurance cover. Find out how new legislation may affect your insurance cover from 1 April 2020.
- If you’re applying to access your super based on Severe Financial Hardship, you’ll have to meet different eligibility criteria. Financial Hardship
payments will be paid and taxed as a normal super lump sum. See the section ‘Severe Financial Hardship’ below for
Other ways you can access your super
Other situations where you may be able to access some of your super include:
- Reaching preservation age
- Severe financial hardship*
- Compassionate grounds*
- Permanently leaving Australia
- The First Home Super Saver scheme
- Terminal illness or permanent incapacity
Each situation has its own criteria you need to meet before you can access your super*Not relevant for COVID-19 related claims.
Severe Financial Hardship payments*- apply online
If you’re applying to access your super based on Severe Financial Hardship, you’ll have to meet different eligibility criteria. Financial Hardship payments will be paid and taxed as a normal super lump sum. If you are under 60 years old, this is generally taxed between 17% and 22%. If you are older than 60 years old, you will not be taxed. Find out more from ato.gov.au.
The quickest way to apply for financial hardship or make a withdrawal from your AustralianSuper account is to log into your online account, go to ‘Make a withdrawal from my super account’ (under ‘Manage my account’) and click the ‘Make a withdrawal’ button to complete the online form. All you need is two of the following forms of identification: a valid Passport, Driver’s Licence or Medicare Card to get your application to us the same day you complete it.Make a financial hardship claim
If you can’t access your account, here’s how you can apply:
- For financial hardship* complete Apply for a payment (financial hardship) form
- For compassionate grounds* complete the Apply for a payment (compassionate grounds) form
- For withdrawals and rollovers contact us
*Not relevant for COVID-19 related claims.
Things to consider before accessing your super
There are a lot of things to consider before accessing your super, including how it will impact your retirement, taxes and what effect it will have on any other benefits you’re receiving. There are also strict conditions and requirements that need to be met to demonstrate your eligibility. Check out our Accessing your super fact sheet for more information.
If you want to make a withdrawal before the end of this financial year, it will need to be submitted by 19 June. This will ensure your withdrawal request is received prior to the end of the financial year.