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Beware of scammers attempting to access your superannuation on your behalf at this time.
You can apply directly through my.gov.au for the payment and do not need to involve another person.
The Federal Government has recently announced new measures to allow for the early release of superannuation for those who have lost income as a result of the COVID-19 pandemic.
Eligible individuals will be able to access a maximum of $10,000 before 30 June 2020 and then another $10,000 before 24 September 2020.
Before you access your superannuation, consider whether you have exhausted all other means of income support.
The Government has announced a range of additional payments. Information can be found here. You should consider your own circumstances and seek financial advice before deciding to access your super.
You should also be aware that accessing your retirement savings now will reduce the amount of income from super you have in retirement and may lock in investment losses following the recent market downturn.
Accessing your super early should be an option of last resort. Check out below how much you may lose from withdrawing your super early.
* These are estimates only. Scenarios modelled by ISA Pty Ltd. See assumptions here.
In order to apply for early release of your super, you must satisfy one of the following requirements:
Applications can only be made through the ATO via the MyGov website . They cannot be made through your super fund, so there is no need to contact your super fund to make an application*. Once the ATO approves your application they will tell your super fund to pay the money to you directly. Applications cannot be made until mid April 2020. Details on my.gov.au
*Members of funds that are not APRA-regulated will need to apply directly to the fund for early release. Examples of non-APRA regulated funds included self-managed super funds, and some public sector funds.