Early access to super

Supporting you if you’re affected by the Coronavirus

If you were financially affected by the COVID-19 crisis, you were eligible to access up to $10,000 of your superannuation in the 2019/20 financial year and a further $10,000 until 31 December 2020.

What do you need to do to access your super early?

Although this initiative has now ended, there may be other ways you can access your super such as early release of super due to financial hardship.

To find out more please contact your financial adviser or contact us.

What were the eligibility criteria for early access to superannuation?

To apply for early release, you must have satisfied any of the below criteria, 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.

When can you apply?

You can no longer apply for early access to super due to being financially impacted by the COVID-19 pandemic. The ATO accepted applications via myGov from 20 April 2020  until 31 December 2020.

If you received an early access to super payment will you need to pay tax?

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

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 are on the Government’s MoneySmart website

Financial assistance other than super

If you're struggling financially because of the COVID-19, but don't want to withdraw from your super, there are some other initiatives in place. Talk to IOOF Client First to discuss them.