This is a guide to the changes to early access to super as a response to the pandemic. Before you apply, you should check your super balance. Where they are concerned an application may not be genuine then they will review it. 1. After you apply, we will issue you with a determination advising of your eligibility to release an amount. Watch out for a new email scam asking for personal information. If you've applied for early access to super (COVID-19) via myGov, once the ATO approves it and informs us, we’ll process your payment as soon as possible and send it to your bank account. COVID -19 changes: Early access to your super. Read more about COVID-19 early release of super on the ATO website. Investment returns are not guaranteed. A financial counsellor can assist you to: If you must access your super early, it is recommended you use it to improve your financial stability. If you’ve provided incorrect details and payment has been made to another bank account, we may not be able to retrieve it for you. Don't forget to lodge this weekend! Eligible citizens and permanent residents of Australia or New Zealand can access up to $10,000 in 2019–20 and up to a further $10,000 in 2020–21. You're a temporary resident visa holder (excluding student or skilled worker visas) and you can't meet immediate living expenses. For more FAQs about insurance please visit the insurance section of the website at australiansuper.com/insurance. This is only an estimate so if you’re unsure please contact us. You might feel overwhelmed, but you have options and there are steps you can take yourself. To get help with identity theft, visit the ATO website. The government has announced that eligible temporary residents will be able to apply to access up to $10,000 of their super before 1 July 2020. Assumptions: Member age is as specified, retires at 67, withdraws $10,000 this financial year and $10,000 next financial year from their super, with long term investment returns of 6.5%pa net of investment fees and taxes. To get the best experience from our website, we recommend that you enable JavaScript. COVID-19 early release of super. The Government is providing financial assistance to Australians impacted by COVID-19 through income and household support payments. Find out how you can protect yourself. During COVID-19 lockdown the takeaway shop is able to remain open and Tom continues to work each weekend as he normally would. The ATO can then work with you Once we’ve done that, it may take a few more days before it appears on your bank account balance. It works well because by keeping your money invested it earns compound interest, which is essentially ‘interest’ on your ‘interest’. To apply for early release of your super, you must satisfy any one or more of these requirements: Members accessing their super will not need to pay tax on amounts released and the money withdrawn will not affect Centrelink or Veterans’ Affairs payments. If your visa has expired and you have left Australia, you may be eligible for the Departing Australia Superannuation Payment (DASP).

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