From the 20th April 2020 eligible individuals will be able to access up to $10,000 from their superannuation before 1st July 2020 and a further $10,000 in 2020-21. No tax is payable on these payments and withdrawals will not affect Centrelink or Veterans’ Affairs payments.
To be eligible for early super release you must satisfy one or more of the following requirements:
- You are unemployed; or
You are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment, special payment or farm household allowance; or
On or after 1 January 2020:
- You were made redundant; or
- Your working hours reduced by 20 per cent or more; or
- You are a sole trader and your business was suspended or there was a reduction in your turnover by 20 per cent or more.
Individuals can apply directly to the ATO through the myGov website: www.my.gov.au.
CLICK HERE for additional detail.
Director, Stephan Independent Advisory
Joe Stephan graduated in 2002 with a Bachelor of Business (Fin Plan) under the tutelage of his father (Program Leader of Financial Planning at RMIT University).
You will hear Joe bandy about the idea of “pure financial advice”, which is given objectively and focused around the needs of individual and not the internal needs of the business providing advice.
Joe is realising his vision every day through his Independent Advice Firm which he owns and operates with his brother James. Joe also spends a portion of his time teaching tomorrow’s Financial Planners at various Melbourne Universities including RMIT & LA Trobe.