Super Deadline Early Release
If you have been adversely financially affected by COVID-19, you may be able to access some of your superannuation early. End-of-year public holidays may delay COVID-19 early release of super processing and payments. COVID-19 early release of super program closes on 31 December 2020. Payments for applications submitted by 31 December will be made throughout January. You may be able to withdraw some of your super on other compassionate grounds. Eligible citizens and permanent residents of Australia or New Zealand can apply once in the 2020–21 financial year to access up to $10,000 of their super. If you're eligible and need to access your super early, you will need to submit a new application this financial year, even if you applied last financial year. Applications for the 2019–20 financial year closed on 30 June 2020. Temporary residents are not eligible to apply in the 2020–21 financial year. You will not need to pay tax on amounts released under COVID-19 early release of super and will not need to include these amounts in your tax return. Amounts released under other compassionate grounds must be included.
Eligibility Criteria
To be eligible, a citizen or permanent resident of Australia or New Zealand must require the COVID-19 early release of super to assist them to deal with the adverse economic effects of COVID-19.
In addition, one of the following circumstances must apply
1. you are unemployed
2. you are eligible to receive one of the following
▶ JobSeeker payment
▶ Youth Allowance for job seekers (unless you are undertaking full-time study or are a new apprentice)
▶ Parenting payment (which includes the single and partnered payments) Special Benefit
Farm Household Allowance
3. on or after 1 January 2020 either
▶ you were made redundant
▶ your working hours were reduced by 20% or more (including to zero)
▶ you were a sole trader and your business was suspended or there was a reduction in turnover of 20% or more (this can be either before or after GST provided you include or exclude GST for both your pre and post calculation) – partners in a partnership are not eligible unless the partner satisfies any other of the eligibility.