If you have been financially affected by COVID-19, you may be able to access some of your superannuation early.
If you have NOT been financially affected by COVID-19, you are NOT eligible for a penalty free withdrawal.
You need to check the eligibility criteria carefully before you apply for COVID-19 early release of super and keep records that demonstrate your eligibility. If you apply COVID-19 early release of super, and you’re not eligible at the time of submitting your application you may be penalised.
Temporary residents: Early Release of Super.
Temporary residents can only apply for a single COVID-19 early release of super in 2019-20. Applications close on 30 June 2020.
To be eligible, temporary residents must require the COVID-19 early release of super to assist them to deal with the adverse economic effects of COVID-19.
In addition, they must be in one of the following circumstances:
- You hold a student visa that you have held for 12 months or more and you are unable to meet immediate living expenses.
- You are a temporary skilled work visa holder and still employed but unable to meet immediate living expenses.
- You are a temporary resident visa holder (excluding student or skilled worker visas) and you cannot meet immediate living expenses.
Citizens and Permanent residents: Early Release of Super.
Eligible citizens and permanent residents of Australia or New Zealand can apply for up to $10,000 in 2019–20, and again for up to a further $10,000 in 2020–21.
To be eligible for the early release of super, a citizen or permanent resident of Australia and New Zealand must have been affected adversely by the economic effects of COVID-19.
In addition, one of the following circumstances must apply:
- you are unemployed
- you are eligible to receive one of the following:
- jobseeker payment
- youth allowance for jobseekers (unless you are undertaking full-time study or are a new apprentice)
- parenting payment (which includes the single and partnered payments)
- special benefit
- on or after 1 January 2020 either:
- you were made redundant
- your working hours were reduced by 20% or more (including to zero)
- you were a sole trader and your business was suspended or there was a reduction in turnover of 20% or more (partners in a partnership are not eligible unless the partner satisfies any other of the eligibility).