Unlock up to $20,000 from early release of super
If you have been financially affected by COVID-19, you may be eligible for early release of super. Eligible citizens and permanent residents of Australia or New Zealand can apply to access up to $10,000 of their superannuation early in 2019–20, and up to another $10,000 in 2020–21.
Even if you’re a temporary resident, you are still able to apply (but only once, in 2019–20) to access up to $10,000 of your super. You won’t have to pay tax on any amounts released and you don’t need to include these amounts in your tax return. Contact The Kalculators today to get hassle-free, super-fast access to your money.
To be eligible for super early release, a citizen or permanent resident of Australia or New Zealand must be in one of the following circumstances:
To be eligible for early release of super, a citizen or permanent resident of Australia and New Zealand must be in one of the following circumstances:
You do not need to attach evidence to support your application. However, you should keep records and documents to confirm your eligibility, as you may be asked for this information.
It is important that you assess your eligibility accurately. The government is allowing for early release of super as a one-time-only measure due to the extraordinary financial impact the Coronavirus has had on Australian individuals, families and businesses. Eligibility criteria will be managed in accordance with strict guidelines to ensure those that need financial assistance can be supported. Please be advised that there are penalties for making false and misleading statements.
You cannot access super early on behalf of a dependant. If your dependant is financially affected by COVID-19, they must apply themselves.
Accessing your super early will affect the balance of your super. It may also therefore affect your future retirement income.
Withdrawing superannuation may also affect your:
Insurance may not be available on accounts that:
You should think about seeking financial planning advice before submitting your application for super early release.