IMPORTANT: If your early access to super application has been approved by the Australian Taxation Office (ATO), there’s no need to contact us. The ATO will update you through your MyGov inbox. 

The ATO take around 1-2 business days to send your application to us, then we’ll process your payment generally within five business days of receiving your application. The money will be in your nominated bank account within a further 2-5 business days.

We recommend you verify that your personal details are correct and up to date in your myGov accounts. If your details don't match, there will be delays in the process as you may need to complete additional security checks which will delay your payment.

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Temporary early access to super

For individuals experiencing significant financial hardship, early access to your super of up to $10,000 is available this financial year (2020/21).

While it can be unnerving when markets are volatile, this is only available to those who meet the eligibility requirements below.

To be eligible, you must satisfy one of the following requirements:

  • You are unemployed
  • You are eligible to receive a jobseeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), or a special benefit or farm household allowance
  • On or after 1 January 2020:
    • were made redundant
    • working hours were reduced by 20% or more
    • a sole trader whose business was suspended or has a reduction in turnover of 20% or more.

If you meet the Government’s criteria you can apply at my.gov.au

You can still apply for an early release of your super under the existing severe financial hardship or compassionate grounds along with this new condition of early release.

To view all other grounds for accessing your super early please visit the ATO website. https://www.ato.gov.au/Individuals/Super/Withdrawing-and-using-your-super/Early-access-to-your-super/

Providing support for retirees

The Government is temporarily reducing minimum drawdown requirements for pensions by 50% for the 2019/20 and 2020/21 financial years. This benefits retirees by reducing the need to sell investment assets to fund minimum drawdown requirements.

Here’s how it works: each financial year you’re required to drawdown a minimum percentage from your pension depending on your age. With this temporary reduction in minimum drawdowns, the minimum percentage will be reduced by half. Take a look at the table below:

Age Current New
Less than 65 4% 2%
65-74 5% 2.5%
75-79 6% 3%
80-84 7% 3.5%
85-89 9% 4.5%
90-94 11% 5.5%
95+ 14% 7%

How does this work?

Here’s an example:

Grant’s allocated pension at 1 July 2019 was $200,000. Under current minimum drawdown requirements (prior to mid-April 2020), Grant is required to drawdown 5% of his account balance over the course of the 2019-20 and 2020-21 financial years. 

This means Grant has to drawdown $10,000 by 30 June 2020 to comply with the minimum drawdown requirements. Following the temporary reduction in minimum drawdown requirements, Grant now only needs to drawdown 2.5% of his account balance, that is $5,000, by 30 June 2020. If Grant has already withdrawn over $5,000 for 2019-20, he’s not able to put the amount above $5,000 back into his superannuation.

For more information on what assistance is available please visit: https://moneysmart.gov.au/covid-19-be-moneysmart

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