Early Access to Superannuation

The Australian Government is allowing individuals affected by the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21. 

TEMPORARY EARLY ACCESS TO SUPERANNUATION 

While superannuation helps people save for retirement, the Australian Government recognises that for those significantly financially affected by the Coronavirus, accessing some of their superannuation today may outweigh the benefits of maintaining those savings until retirement.

Eligibility Australian and New Zealand citizens and permanent residents

To apply for early release you must satisfy any one or more of the following requirements:

• you are unemployed; or

• you are 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 are a sole trader — your business was suspended or there was a reduction in your turnover of 20 per cent or more.

Temporary visa holders  To apply for early release you must satisfy any one or more of the following requirements:

Student visa holders (Subclasses 500, 570-576):

 • you have held your student visa for 12 months or more; and 

• you are unable to meet your immediate living expenses. 

Temporary skilled work visa holders (Subclasses 457 and 482)

• on or after 1 January 2020, you had your working hours reduced to zero by your employer; and 

• you are still employed by that employer. 

All other temporary visa holders (including Working Holiday Maker visa holders and other working visas) 

• you are unable to meet your immediate living expenses

Full details of the scheme are detailed in the link below

Australian Government Fact Sheet Early Access to superannuation