Temporary Early Access To Super
March 24, 2020
As part of the federal government's COVID-19 econcomic stimulus package, early access to super is now available in some circumstances.
How Do You Access Super?
You can get the full rundown from the government's fact sheet, but here's the main points:
- You can access $10,000 before 1 July and $10,000 after
- You can only get access if you are unemployed, have been made redundant, receive certain centelink payments, or have lost at least 20% of your income since 1 January 2020.
- Applications will open mid-April and will only remain open for six months
- You will need to apply on myGov. If you don't have a myGov account get one now, just in case!
Should You Access Super?
Access to super is designed as a means of last resort. Further, markets around the world have crashed and withdrawing super may mean crystalising significant losses. As such, you should think very seriously before accessing super.
We strongly urge anyone thinking of withdrawing super to seek independent financial advice before doing so.
We work with a number of financial planners who can give this advice:
- Edward Pullen, Byron Capital Investors, (07) 4631 9600
- Kent Bond, South Queensland Investment Solutions, (07) 4637 9000
- Scott Butler, Edge Specialist Advice Network, (07) 4633 9888
- Stuart Southey, Auslife Financial Planning, (07) 4638 0877
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