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.
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:
- they are unemployed, or
- 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
- 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.