What are the impacts of accessing your superannuation early amidst COVID-19

If you’re one of the individuals wondering if you will be applicable to receive a tax-free $10,000 from your super fund, you have come to the right place.
Here is a link directly to the source of when you will be able to apply (mid-April), as well as how many times you will be able to obtain the cash boost.

The Australian Taxiation Office has set some prerequisits for obtaining this benefit.

Fortunately, the criteria is relaxed.

Simply are you unemployed?

Are you eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance?

On or after 1 January 2020, either

    • you were made redundant
    • your working hours were reduced by 20% or more
    • if you are a sole trader, your business was suspended or there was a reduction in your turnover of 20% or more.

The first step to your application begins with creating. an account to your mygov then linking the Australian Taxation Office to your profile.

The broader question you should be asking yourself are the impacts of withdrawing from your super fund early and what $10,000 compounding looks like over 20-50 years without the need for compassionate release.

We are here to also help you understand the effect, feel free to give us a call on 1300 227 655