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Coronavirus – Early Release of Superannuation

To assist people adversely financially impacted by the coronavirus, the Government has passed laws to allow eligible people to access up to $10,000 of their superannuation in financial year 2019-20 plus a further $10,000 in the period between 1 July and 24 September 2020 in financial year 2020-21.

Eligibility

To be eligible to access their super, eligible members must satisfy any one or more of the following requirements at the time of making the application:

  1. they are unemployed, or
  2. they are eligible to receive Jobseeker Payment, Youth Allowance for jobseekers, Parenting Payment (which includes the single and partnered payments), Special Benefit or Farm Household Allowance, or
  3. on or after 1 January 2020:
    • they were made redundant, or
    • their working hours were reduced by 20 per cent or more, or
    • if they are a sole trader — their business was suspended or there was a reduction in their turnover of 20 per cent or more.

In relation to reductions in working hours and turnover, a member will be eligible if their hour of work or turnover at the time of making the application has reduced by 20% or more compared to their average hours of work or turnover in the second half of 2019.

Call us now at SMART Financial Advisory (0402895593) or email us on pallavi@sfadvisory.com.au and we can help you in these difficult times of need.

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