The Government is allowing early access to super savings for
people affected by Coronavirus (COVID-19). If eligible, you can apply through MyGov online to access up to $10,000 of your superannuation until 30 June 2020,
and a further $10,000 from 1 July 2020 to 24 September 2020.
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 job seeker 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Members accessing their super will not need to pay tax on amounts released and the money withdrawn will not affect Centrelink or Veterans’ Affairs payments.
How to apply
Eligible members can apply through the Australian Taxation Office (ATO) via MyGov from 20 April 2020.
You don’t need to contact AustralianSuper at all.
Check your AustralianSuper balance before you apply, as the super balance shown on your MyGov account may be dated 30 June 2019.
Before accessing your super, consider the impact this may have on your retirement benefits and insurance cover. Find out how new super legislation can affect your insurance cover from 1 April 2020.
Find out more about the Government’s decision and process in their fact
sheet Early access to superannuation (Economic response to the Coronavirus).
Are there any other options besides withdrawing my super?
The Government is providing a range of financial assistance to Australians including income support and household support payments. Find out more
The Department of Social Services is also supporting individuals and families affected by Coronavirus through a range of measures. Find out more
Other ways you can access your super