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Early access to super

Supporting you if you’re affected by the Coronavirus

If you are affected by the Coronavirus, you may be eligible to access up to $10,000 of your superannuation in 2019/20 and a further $10,000 in 2020/21. You can apply for early release of your super from 20 April 2020.

How long is it likely to take to receive my payment?

If your application is approved, the ATO will inform us within 72 hours. We will then process your payment within seven days. If you have not submitted your application via myGov yet, you need to apply directly through my.gov.au

How much can I apply for?

If you are eligible, you will be able to apply online through myGov to access up to $10,000 of your super before 1 July 2020. A further $10,000 can be accessed from 1 July 2020 until 24 September 2020.

Am I eligible for early access to superannuation?

Check below if you satisfy any of these requirements. To apply for early release, you must satisfy any one of them, or more.

  • you're unemployed
  • you're eligible to receive a JobSeeker payment, Youth Allowance payment for job seekers, Parenting Payment (which includes the single and partnered payments), special benefit or farm household allowance.
  • on or after 1 January 2020:
    • you were made redundant
    • your working hours reduced by 20% or more
    • if you are a sole trader, your business was suspended or there was a reduction in your business turnover of 20% or more.

These payments are tax-free and not treated as income under the Centrelink income test.

When can I apply?

The ATO began accepting applications via myGov from 20 April 2020.

How to apply?

You don’t need to apply to IOOF.

All applications are sent online directly to the Australian Taxation Office (ATO) through the myGov website. Make sure you have your myGov account linked to your ATO account.

You will need to certify that you meet the above eligibility criteria.

After the ATO has processed your application, they will issue you with a ‘notice of determination’. The ATO will also provide a copy of this determination to IOOF, which will advise us to release your superannuation payment. IOOF will then make the payment to you.

Please note, many Australians are trying to access the myGov website, so there may be delays.

How can I make sure I receive my payment as soon as possible?

Make sure IOOF has your correct details. The fastest and easiest way to do it is online.

For IOOF Online users

For clients using IOOF Employer Super, IOOF Personal Super, IOOF Pension, IOOF Essential and eXpand, or Flight Centre Super.

  • Login to IOOF online with your email and password, or register for online access with your IOOF account number and personal details.
  • After logging in, go to your account and choose Account details in the navigation.
  • Check if your Personal details card is up to date. You can update your address and other personal information — just click Edit.

For Portfolio Online users

For clients using IOOF Pursuit, IOOF Portfolio Service, LifeTrack or WealthBuilder.

  • Login to Portfolio Online, or register with your account number (you can find it in the welcome letters).
  • Click the Your details link on the top menu bar. On this page, you can update your mailing address, phone numbers and contact emails. Just click Update your details on the right hand side.

For all clients

Alternatively, visit our Contact page and choose ‘I want to change my contact details’ in the feedback form. Provide us with your previous and current address, and we will make sure your details are up to date in our systems.

Will I need to pay tax?

These payments are tax-free and not treated as income under the Centrelink income test.
This means the early release will not affect Centrelink or Veterans’ Affairs payments.

Is IOOF able to pay the super lump sum via cheque?

Due to the Coronavirus situation and with our staff working from home - we can only make lump sum payments by direct credit to your nominated bank account with the ATO.

  • The bank account must be in your name or in joint member names.
  • We cannot make payments to third party accounts.
  • We cannot make payments via cheque.

What if I'm not eligible for the early super release?

If you're struggling financially because of the Coronavirus but you’re not eligible or don't want to withdraw from your super, there are some other initiatives in place.

Other Government support includes:

  • a 'Coronavirus supplement' of $550 per fortnight for people receiving the 'JobSeeker' allowances and other benefits
  • two separate $750 payments to social security, veteran and other income support recipients
  • a reduction in social security deeming rates of a further 0.25%, to assist Age Pensioners.

For more information on other Government support refer to The Government’s stimulus package in response to the Coronavirus, visit the Treasury’s page Economic Response to the Coronavirus.or visit the Government’s moneysmart website

Please talk to your financial adviser, or contact a member of our ClientFirst team, to find out more about measures applicable to your situation.

Important considerations before accessing your super early

Even if you’re eligible, there are some potential impacts you should consider.

  • What will be the impact on your retirement savings? If you cash out your super now you could miss any future investment growth.
  • What about your insurance cover? If you cash out your super and your account balance falls to zero, you could inadvertently lose your insurance held in your super which could put you and your family at risk, should the unexpected occur.

Before making the decision to access your super early, please seek advice from a financial adviser. If you don’t have an adviser, we can put you in touch with one.

Further information and Government resources

Information on how the Government is supporting individuals, households and businesses is on the Government’s Treasury website

More information is also available on the ‘COVID19’ section of the ATO website

Additional resources, including tips and calculators is on the Government’s MoneySmart website