You may have seen that the Federal Government announced a temporary measure allowing you early release of part of your superannuation balance if you have been impacted by coronavirus.
So what do you need to know?
Firstly and most importantly, if you don’t need the money urgently, keep in mind that taking money out of your super will impact your retirement goal and we strongly suggest a financial planning consultation, should you wish to make this withdrawal.
If you are eligible, you can apply to access up to $20,000 form your superannuation account tax free – $10,000 on or before 30 June 2020 and another $10,0000 from 1 July 2020 until 24 September 2020. Should you be experiencing financial hardship and wish to make a withdrawal, you will need to satisfy one of the following to be eligible:
To apply, from Monday 20 April 2020, you can log in to myGOV and complete the application form available on ATO Online or call the ATO and complete their application over the phone.
It is important to ensure you have:
If you have any questions about this information or would like to discuss this further with one of our financial advisers, please book in a time.