COVID-19 Temporary early access to your super FAQ

If you withdrew super under the COVID-19 early release of super program in 2020, you can now re-contribute some or all the amount back into your super account, as part of a new Government measure – Re-contribution of COVID-19 early release amounts into superannuation measure.

This re-contribution amount will be a personal contribution, and the Australian Tax Office (ATO) will not count this towards your non-concessional contributions cap.

For this to occur, you need to:

• check your eligibility (see ATO website)
• provide us with a valid TFN
• download and fill in the ATO form Notice of re-contribution of COVID-19 early release amounts and return it back to us either before you make a contribution, or at the same time. You can contribute to your super via the usual way: by logging onto your online account, via your mobile app or by completing the AustralianSuper form Add to your super after-tax contributions and returning it to us.

For eligibility criteria and instructions, visit the ATO website.

If you've applied for early access to super (COVID-19) via myGov, once the ATO approves it and informs us, we’ll process your payment as soon as possible and send it to your bank account. Please note that confirmation notifications from the ATO and payments may be delayed due to the public holidays.

We expect to make most payments within 5 business days after we receive your details from the ATO. It doesn’t include ATO processing time or any time your bank may take to put it in your account. It may take a few more days before it appears on your bank account balance.

This is what happens next after you apply for COVID-19 early access to super via myGov:

1. The ATO processes your myGov application. This may take a few business days.
2. Once your application is approved, ATO will send you an SMS or an email, and provide AustralianSuper with your details. You will also receive an approval letter in your myGov mailbox.
3. When we receive your details, we'll also send you a confirmation SMS* to ensure you've requested payment.
4. AustralianSuper are working hard to process your payment as soon as possible. To ensure that the right payments get to the right members, we expect to make most payments within 5 business days. This doesn't include ATO processing time.
5. On the day AustralianSuper complete processing your payment, you’ll receive an SMS* saying that processing has been completed.
6. The next business day we’ll make the Electronic Funds Transfer of your payment to your bank account, and you’ll receive a SMS* notifying you. Depending on your bank’s processing time, it may take a few more days before it appears on your bank account balance.
7. You'll also receive a written payment confirmation in the mail – postal delivery times may vary.

* We'll send you an SMS if we have your mobile number on file.

The ATO will take action on people who deliberately exploit the system and wrongly access superannuation under the early release measures. Those providing false or misleading information could also face penalties of more than $12,000 for each false and misleading statement.

Before applying for COVID-19 early release of super, check the eligibility criteria carefully and keep records that demonstrate your eligibility as the ATO may request evidence. If you weren’t eligible at the time you submitted your application, action may be taken against you by the ATO.

ATO may also revoke any determination they 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.

The ATO can access various data sources to check for incorrect claims, including Single Touch Payroll (STP), income tax returns and information reported by super funds.

Some instances the ATO has said may result in incorrect claims include:

• applying when your regular salary and wage, or employment information didn't change
• artificially arranging your affairs to meet the eligibility criteria
• making false statements or fraudulent attempts to meet the eligibility criteria
• withdrawing and recontributing super for a tax advantage.

For details and examples visit the ATO website

The super balance that you see displayed on your online account is an estimated value of your account and is made up of:

• opening balance
• contributions
• taxes
• fees
• insurance premiums
• estimated investment earnings.

Your super balance doesn't include actual investment earnings – for most members these are usually calculated at the end of the financial year based on the current crediting rate and applied to their super account. Your actual investment earnings can be positive or negative depending on market conditions.

When you make certain transactions (investment switch, withdrawal) on your super account, a corresponding proportion of your estimated investment earnings is calculated based on current crediting rates and converted into actual investment earnings. This actual investment return amount will display as ‘Investment earnings’ in your transaction summary.

Example*

Jane’s super balance on 15 April 2020 is $23,450. She withdraws $10,000 on 25 April 2020. This is what a breakdown of her super balance might look like on those two days:

Jane’s estimated balance on 15 April included:

• estimated investment earnings of minus $1,600.

As part of the claim payment process, some of those estimated earnings are converted to actual investment earnings. On 25 April her account now has:

• actual investment earnings of minus $590 and
• estimated investment earnings of minus $1,008.

The slight difference in dollar amount of total investment earnings on both dates is due to the different crediting rates applied on the two different days.

*This example is provided for illustration purposes only and isn’t a representation of the actual benefits that may be received. Actual values will vary depending on your personal circumstances.

The ATO will contact you via your myGov account within 2 to 3 business days. Physical mail from the ATO may be subject to postal timing.

You could apply for a withdrawal once from 20 April 2020 to before 1 July 2020; and once from 1 July 2020 until 31 December 2020. From 1 January 2021, you can no longer apply for early access to super under the government COVID-19 measure.

If you made a claim meeting the eligibility criteria for early access to super but no longer need the money you have withdrawn and wish to put it back into your super, you can do this as a personal super contribution. Your super contributions are subject to contribution cap limits. For details on what this means for you and how you can make a contribution to your super, visit australiansuper.com/contribute

1. Log into your myGov account or call the ATO to see if an application for early access to your super has been made fraudulently on your behalf. Also check to ensure that your contact details haven't been changed. You can also log into your AustralianSuper online account and check under the Transactions section to see if there are any claims for COVID-19.


2. If a COVID-19 early access application has been made in your account, and you either didn't make it or don’t have a myGov account, call us at 1300 300 273 8am to 8pm AEST/AEDT weekdays to tell us not to proceed with the withdrawal. Remember: if you receive any notification about an early access application that you haven't made, contact us immediately.


3. Then notify the ATO on 1800 467 033 that someone has tried to withdraw your super without your consent.


4. Call IDCARE on 1800 595 160—it provides specialist support and guidance to help with identity-theft related issues.

A good way to help prevent fraud is to ensure your AustralianSuper account is up to date with your personal contact details, such as your current address, email and mobile phone numbers. You can find out more about keeping your account secure with practical tips and the latest scam alerts.

We want to reassure you that AustralianSuper is committed to keeping your personal information safe and secure at all times and takes all necessary steps to ensure security controls are in place to reduce the risk of cyber-attacks.

You can find out more about keeping your account secure with practical tips and the latest scam alerts

The Australian Competition and Consumer Commission has also released a fact sheet with detailed information on protecting yourself against cyber-attacks. You can find it at accc.gov.au

We recommend you regularly check your online account to ensure your personal details are up-to-date and correct. You can also check your balance and other personal information at the same time. If you notice any suspicious account activity, contact us immediately. If you don’t have an online account, you can register at australiansuper.com/how-to-login

Unfortunately, consolidating super through the AustralianSuper mobile app is temporarily suspended.

If you know you have super with another fund you can consolidate your super by:

• completing the Combine your super web form or
• downloading and completing the Combine your super form (PDF) and emailing it back to us.

You'll need to have your other fund's details ready. 

Other ways to consolidate your super

If you don’t know your other fund’s details or think you have lost super with the ATO you can search for your super through your online account. 

You’ll need two forms of ID and have provided us with your TFN*.  

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 in your application for COVID-19 early access to super, please contact the ATO and AustralianSuper immediately.

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. To assist with processing your claim, please check your personal details via your online account.