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Accessing $10,000 Superannuation Payment

Monday, 23 March 2020   

Accessing $10,000 Superannuation Payment

The Government has announced measures to allow early access of up to $10,000 for 2019-20 and a second payment of $10,000 for 2020-21.

A fact sheet can be found here

When can you access the $10,000 Superannuation Payment ?

Payments are expected to commence from mid-April 2020 and you will be able to apply via the ATO online services under myGOV.

1. You will need to meet the eligibility criteria (see below)

2. After the ATO has processed your application, they will issue you with a determination

3. The ATO will also provide a copy of this determination to your superannuation fund, which will advise them to release your payment.

4. Your fund will then make the payment to you, without you needing to apply directly

5. Ensure you Superfund has your most up to date contacts details.

Eligibility

  • you are unemployed; or
  • you are eligible to receive a job seeker payment, youth allowance for job seekers, parenting payment (which includes the single or partnered payments, special benefit or farm household allowance; or
  • on or after 1 January 2020:
  1. You were made redundant
  2. your hours were reduced to 20% or more; or
  3. if you are a sole trader - your business was suspended or there was a reduction in your turnover by 20% or more

People accessing superannuatuion will not need to pay tax on amounts released and the money withdrawn will  not affect Centrelink or Veterans Affairs Payments. 

 

Self Managed Superfunds

Once the guidance is available from the ATO, we can assist you apply for the early release $10,000 Coronavirus Superannuation Payment from your SMSF.

If you have any questions, please contact us