Until 30 June 2020, eligible citizens and permanent residents of Australia or New Zealand can apply to access up to $10,000 of their Superannuation with an additional $10,000 available from 1 July 2020 up until 24 September 2020. These withdrawals are tax free and don’t have any effect on Centrelink payments.
To be eligible, a citizen or permanent resident of Australia and New Zealand must be in one of the following circumstances:
- Eligible for job seeker payments, youth allowance, parenting payment etc.
- Were made redundant on or after 1 January 2020
- Had their hours cut by 20% or more on or after 1 January 2020
- Were a sole trader and your business was suspended or had a reduction in your turnover by at least 20%.
For more information of the early release of superannuation please visit:
Please contact our office to speak to one of our accountants if you would like to discuss further. Langley McKimmie Chartered Accountants (03) 5427 8100.