If you have been financially affected by COVID-19, you may be able to access some of your superannuation early.
Eligible citizens and permanent residents of Australia or New Zealand can apply for up to $10,000 in 2019–20 and up to a further $10,000 in 2020–21.
Eligible temporary residents are able to apply once to access up to $10,000 of super in 2019–20.
Citizens and permanent residents of Australia and New Zealand
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:
To be eligible for early release of super, temporary residents must be in one of the following circumstances:
Assessing your eligibility
You do not need to attach evidence to support your application. However, you should keep records and documents to confirm your eligibility as we may ask you for this information.
It is important that you assess your eligibility accurately. We are administering this measure on behalf of all Australians and will manage the eligibility criteria with strict guidelines to ensure we can support those financially affected by COVID-19. There are penalties for making false and misleading statements.
You can’t access your super early for a dependant. If your dependant is financially affected by COVD-19, they must apply themselves.
You can only submit one application for COVID-19 early release of super per financial year. You are still able to apply for COVID-19 early release of super if you have previously accessed your super early in other circumstances.
Accessing your super early will affect your super balance and may affect your future retirement income.
Withdrawing superannuation may also affect your:
Insurance may not be available on accounts that:
You should consider whether you need to seek financial advice before submitting your application for early release of super.
We’re here to help and answer any question you might have. We look forward to hearing from you.