EARLY RELEASE OF SUPERANNUATION FOR INDIVIDUALS

Until 30 June 2020, eligible citizens and permanent residents of Australia or New Zealand can apply to access up to $10,000 of their Superannuation with an additional $10,000 available from 1 July 2020 up until 24 September 2020. These withdrawals are tax free and don’t have any effect on Centrelink payments.

To be eligible, a citizen or permanent resident of Australia and New Zealand must be in one of the following circumstances: 

• Unemployed
• Eligible for job seeker payments, youth allowance, parenting payment etc.
• Were made redundant on or after 1 January 2020
• Had their hours cut by 20% or more on or after 1 January 2020
• Were a sole trader and your business was suspended or had a reduction in your turnover by at least 20%.

For more information of the early release of superannuation please visit:

https://www.ato.gov.au/General/COVID-19/Support-for-individuals-and-employees/

 

https://www.ato.gov.au/Individuals/Super/In-detail/Withdrawing-and-using-your-super/COVID-19-early-release-of-super/

Please contact our office to speak to one of our accountants if you would like to discuss further. Langley McKimmie Chartered Accountants (03) 5427 8100. 

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.