With so many of us facing financial uncertainty during this unprecedented time, early access to our super can provide some financial relief to those in need. But, is this a wise move?
WHAT CHANGES TO SUPER HAVE BEEN ANNOUNCED?
In light of the current situation, the Australian government has announced that anyone affected by the coronavirus can gain early access to up $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21, able to be accessed from mid April 2020.
In light of the current situation, the Australian government has announced that anyone affected by the coronavirus can gain early access to up $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21, able to be accessed from mid April 2020.
WHO IS ELIGIBLE?
To access super early, those affected by the coronavirus must have been:
To access super early, those affected by the coronavirus must have been:
- Made redundant
- Had their working hours reduced by 20% or more
- Be a sole trader, where their business has been suspended or there has been a reduction in turnover of 20% or more
SHOULD YOU CONSIDER ACCESSING YOUR SUPER EARLY?
Although this new measure does provide an additional level of financial security for those impact by the coronavirus, we urge all of our community to view dipping into super as a last resort. By removing funds from your retirement savings, you’ll have less money working hard for you in your super when markets recover.
Although this new measure does provide an additional level of financial security for those impact by the coronavirus, we urge all of our community to view dipping into super as a last resort. By removing funds from your retirement savings, you’ll have less money working hard for you in your super when markets recover.
If you are considering accessing your super early, please get in touch with us and we can discuss alternative income support measures available to you during this difficult time.
Read more insights from our experts
Your Super: What the New $3 Million Tax Changes Mean for You
Will Albo’s proposed changes to super affect you? We’re breaking down the Government’s proposed superannuation changes so you can understand what’s actually happening, what...
Zac set a goal to save 100k before graduation
Here’s why he’s happy that he ‘failed’. In short: Zac’s goal to save $100,000 before graduation led him to create a “bucket” system for...
Get Hired in 2025: How to Stand Out and Land Your Dream Job
Upgrade Your Career and Earn More Money in 2025! In short: This guide breaks down the essential steps to get hired and boost your...
“I’m a Foster Mother to 8 Children”
In a nutshell: Nanay (mother) Butch is one of twelve foster mothers at SOS Children’s Village, Cebu. Together they provide loving homes to 116...
🍖 BBQ Bites: Tariffs
Tariff. A beautiful word. We’re 37 days into the new American administration and it’s been a doozy. The headlines are flowing so thick and...