In response to the coronavirus crisis The Australia Government has recently announced that it will be allowing individuals affected by the coronavirus to access up to $10,000 of their superannuation before 1 July 2020.  Further, individuals can then access a further $10,000 from 1 July 2020 for approximately three months. An important point to note is that individuals will not need to pay tax on amounts released and the money they withdraw won’t affect their centrelink or veterans affairs payments.  These early release applications can be made from mid April 2020 by applying directly to the ATO through the myGov website.

The following information sheet outlines the eligibility criteria and steps to applying:-

https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Early_Access_to_Super_1.pdf

Disclaimer: BCLS does not accept responsibility for any damages or otherwise suffered by relying or acting on this information.