On 22 March 2020 the Federal Government announced temporary measures in response to COVID-19 that impact superannuation.
One of them is the early release of super for members in financial stress.
If this affects you, please note:
Now, onto some frequently asked questions from our members:
Am I eligible?
To be eligible to claim for the early release of super, you’ll need to be one or more of the following:
- unemployed; or
- eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance; or
- on or after 1 January 2020:
- you were made redundant; or
- your working hours were reduced by 20 per cent or more; or
- if you’re a sole trader — your business was suspended or there was a reduction in your turnover of 20 per cent or more.
How do I apply?
The Australian Taxation Office (ATO) will make the application process available through the myGov website: www.my.gov.au by mid-April 2020.
If you’re eligible for early release on these grounds, you can apply directly via the myGov website.
You’ll need to certify that you meet the eligibility criteria outlined above.
What happens after I apply?
After the ATO has processed your application, they’ll issue you with a decision (‘determination’). The ATO will also provide a copy of this determination to your super fund, which gives them the go-ahead to release your super.
Your super fund will then make the payment to you, without you needing to apply to the fund directly.
However, to ensure you receive your payment as soon as possible, you should check that your super fund has your correct details, including your current bank account details and proof of identity documents.
Will I be taxed on my withdrawal?
No. You won’t need to pay tax on the money released and it won’t affect Centrelink or Veterans’ Affairs payments.
Will I need to prove my identity when applying?
Before Energy Super can pay your benefit, you’ll need to provide proof of your identity. Proving your identity ensures your benefit is released to you and to no one else.
Our Proof of Identify form is number 3A on our website.
How long will it take for Energy Super to pay?
Energy Super will make sure you receive your payment as quickly as possible.
What if the situation changes?
We’re monitoring the situation daily and will post any updates on our website.