The ATO has explained how it will administer the measure to allow for early release of superannuation in response to the COVID-19 pandemic.
The ATO will deploy the application form for individuals on Monday 20 April. An individual can make one application in the 2019-20 financial year and one application in the 2020-21 year before the measure ends on 24 September 2020. The application is accessed in one of two ways:
It will take approximately one to two business days for the fund to receive notifications about their members. Funds can expect to start receiving notifications from Tuesday, 21 April.
COVID-19 (novel coronavirus) – early release of superannuation
The government is allowing individuals affected by COVID-19 to access up to $10,000 of their superannuation in 2019–20 and a further $10,000 in 2020–21. Individuals will not need to pay tax on amounts released – coronavirus amounts are not taken into account under any income or means tests.
Eligible individuals will be able to apply to access up to:
To apply for early release, you must satisfy one or more of the following requirements:
You will not be required to attach evidence to support your application; however, you should retain records and documents to confirm your eligibility.
Withdrawing your superannuation may affect your: