Can I access my super due to financial hardship?
The Australian Government has released a fact sheet with an economic response with regards to the Coronavirus outbreak.
The fact sheet summarises the eligibility to claim temporary early access to superannuation for those significantly affected financially by the Coronavirus outbreak.
“The Government is allowing individuals affected by the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21”.
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The Government’s economic responses have been segmented into the following areas:
Individuals and households
Support for businesses
Supporting the flow of credit for businesses
If you are eligible for early release, you can apply directly to the ATO through the myGov website: www.my.gov.au.