If you have been contemplating an early withdrawal of super under the COVID-19 support measure, you should know that there is only a small window you can access your superannuation under the Federal Government’s superannuation withdrawal concession.
In order to withdraw your super early, you must be unemployed or eligible to receive one of a number of government allowances, including JobSeeker payments. Alternatively, after 31 December 2019, you must have been made redundant or had your working hours reduced by 20% or more.
Business owners can also withdraw superannuation. The business owner must be a sole trader and the business was suspended or there was a reduction in turnover of 20% or more.
Applications for release of up to $10,000 superannuation savings must be made before 1 January 2021 via the ATO Online Services in MyGov. If you face trouble applying online, there is one more last-minute window of opportunity where you can call 1300 662 211 for assistance between 29 and 31 December 2020 (10.00am and 6.00pm AEDT). Click here to view the ATO website for further details.