You've applied for early access to your super. Here's what happens next

This article was published in April 2020 to support people financially affected by the COVID-19 pandemic. 

Temporary early access to superannuation has ended
The Government's COVID-19 early access to super program ended on 31 December 2020. Applications cannot be backdated or accepted after 31 December 2020. From 1 January 2021, you can no longer apply for early access to super via this Government measure. 

View other ways to access your super early.


If you’ve applied for early access to your super because of financial hardship caused by COVID-19 (Coronavirus) you might be wondering, ‘what happens next?’ Waiting to receive your super funds, particularly when money is tight, can be frustrating. But AustralianSuper members can be confident that the Fund is ready to act once we receive a notification from the ATO, about the release of your super funds.

We’ve broken down what happens once you’ve applied for early access, so you know what to expect, and how long you might have to wait.

Applying: If you have not yet applied for early access, and believe you need to, you will need to go to the Australian Tax Office (ATO) online services via myGov. You can’t apply through your super fund.

READ MORE: APPLY - EARLY ACCESS TO SUPER

 

Temporary early access to superannuation has ended

The Government's COVID-19 early access to super program ended on 31 December 2020. Applications cannot be backdated or accepted after 31 December 2020. As of 1 January 2021, you can no longer apply for early access to super via this Government measure.

View other ways to access your super early.

 

You’ve applied – how long will it take before you receive your super?

Once you’ve submitted your application via myGov, it will then take the ATO up to 4 business days to process. Once it’s processed, you’ll receive a letter of approval or rejection in your myGov inbox. You will need to log in and check your myGov account.

If your application is approved by the ATO, your super fund will be notified that they can release funds. Once AustralianSuper receives this approval notification from the ATO we will process the request. For most payments we anticipate this will take up to 5 business days to occur.

Please note this time doesn’t include the days it may take for your bank to process your payment. Saturday and Sunday are not counted as business days.  

 

Once your application is approved, do you need to do anything?

No. Once your application is approved, you don’t need to contact the ATO or your superannuation fund to progress your application.

Super funds will process approved applications and make the payment to you, in line with the ATO’s timeline of 5 business days.

You do not need to take any further action.

If any information needs to be clarified, we will contact you directly. If this happens, there may be a slight delay in the payment of your super.

 

What if the amount paid is incorrect?

If your payment does not match what you applied for and expected to receive, you will need to contact the ATO directly. There could have been an error on your application, or your super account balance may have changed, or there may be insufficient funds. One reason for this may be that the super balance shown to you in your myGov account is not the most recent.

LOG IN TO myGov

 

What happens if your application is not approved

If your application is not approved, you will need to contact the ATO.  

AustralianSuper and other super funds cannot release funds to members unless instructed by the ATO.

 

Be aware of scams targeting early super release

There are currently COVID-19 themed email, text message and phone scams in circulation.

There are no fees involved in accessing your super early and applications must be made via the myGov website. No third parties are needed.

If you’re approached about paying a fee to release your super, it’s likely to be a scam.

If you’re concerned about an email, text message or phone call you’ve received, you can phone the ATO on 1800 008 540 to confirm if the contact is genuine.

 

FIND OUT MORE: LATEST SECURITY ALERTS 

 


The views expressed are those of the interviewee based on their experience and expertise, and not AustralianSuper. This information is general financial advice which doesn’t take into account your personal objectives, situation or needs. Before deciding on AustralianSuper read the Product Disclosure Statement at australiansuper.com. AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898

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