Claiming $10,000 from Super

The government will allow individuals that are in financial stress as a result of the Corona-virus to access up to $10,000 from their super balance before 30 June and another $10,000 from 1 July to 30 September 2020. These amounts will not be taxed and will not affect Centrelink payments.

To be eligible for this you must be able to meet one of the following criteria:

• You are unemployed (made redundant)

• Your working hours have been reduced by 20% or more

• If you are a sole trader – your business was suspended or there was a reduction in your turnover of 20% or more

Click here to access the Australian Government early access to super fact sheet.