How to apply for early release of your superannuation to cope with COVID-19 financial stress

On Monday, applications to withdraw superannuation early to cope with the financial pressure caused by the COVID-19 outbreak will open.

Under the federal government scheme eligible Australians can withdraw up to $10,000 from their superannuation prior to July 1, and another $10,000 after that date.

It is open to those who are unemployed, or who receive a JobSeeker, youth allowance or parenting payment, as well as those made redundant after January 1 and those whose hours have been reduced by 20 per cent or more.

Sole traders whose business has been suspended or who have experienced a turnover reduction of 20 per cent or more also qualify.

Federal Assistant Minister for Superannuation & Financial Services, Jane Hume, said it’s expected that between 1.6 million and 1.7 million Australians will apply for early release of superannuation under the scheme.

“We estimate in total it will equate to about a $27 billion dollar release from super between next week and the end of September,” she said.

HOW TO APPLY FOR EARLY SUPERANNUATION RELEASE:

Registrations for the scheme open up on Monday.

You can submit an application on the myGov website, where you will be asked to fill out a self-assessment and make a legal declaration of your eligibility. You don’t necessarily have to provide evidence of your eligibility.

After you’ve submitted your application the ATO will assess it, and if you’re deemed eligible your super fund will be directed to release the funds. This should take about five days.

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