To apply for early release of your super, you must satisfy any one or more of these requirements:
- you’re unemployed,
- you’re 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;
or, on / 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 is suspended or there was a reduction in your turnover of 20% or more.
Members accessing their super will not need to pay tax on amounts released and the money withdrawn will not affect Centrelink or Veterans’ Affairs payments.
If you’re not sure whether you’re eligible for the COVID-19 early access to super, you can contact the ATO on 13 10 20 to discuss your situation. The ATO can then work with you to determine whether you are in fact eligible based on your individual circumstances.
For details about this Government measure,
- visit ATO webpage COVID-19 early release of super
- download Treasury’s Early access to superannuation fact sheet
Applying when not eligible
Before you apply for COVID-19 early release of super, you need to check the eligibility criteria carefully and keep records that demonstrate your eligibility. If you weren’t eligible at the time you submitted your application, action may be taken against you by the ATO.
If you can’t demonstrate your eligibility when ATO requests for evidence, the ATO may revoke any determination they have issued regarding your application. This means the amount paid to you under COVID-19 early release of super will:
- become assessable income
- need to be included in your tax return and you will pay tax on the released amount.
If you provide false or misleading information you could face penalties of more than $12,000 for each false and misleading statement.
For examples of incorrect claims and details on how ATO verifies claims, visit the ATO website.
How to apply
Eligible members can apply online through the Australian Taxation Office (ATO) via myGov until 31 December 2020.
Please make sure you fill in your correct bank details in your myGov application for early access to super. If you’ve provided incorrect details and payment has been made to another bank account, we may not be able to retrieve it for you. If you think that you have entered incorrect details, please contact the ATO and AustralianSuper immediately.
Once the ATO approves your application and notifies us, we will try to process your payment within 5 business days and send it to your bank account. Once we’ve done that, it may take a few more days before it appears on your bank account balance.
If you withdraw your full balance, your super account will close and any insurance cover you have through your super will cease.
You cannot apply through AustralianSuper
We suggest you log into your online account to check your AustralianSuper balance before you apply. If your super balance is less than what you’ve requested, you will only receive the available amount and will not be able to make another application for COVID-19 early access for this current financial year. To assist with processing your claim, please check your personal details via your online account.