Coronavirus - Applying for early release of super
As part of the Government’s economic response to the COVID-19 Pandemic, the Australian Government has recently introduced new legislation, allowing individuals impacted by the COVID-19 Pandemic to access up to $10,000 of their superannuation in 2019-20 (by applying between 20 April 2020 and 30 June 2020) and a further $10,000 in 2020-21 (by applying between 1 July 2020 and 24 September 2020).
If you have been impacted by the recent COVID-19 events and would like to apply for early release of your super under the new legislation, please contact ESSSuper or download the application form here (PDF 104KB).
ARE YOU ELIGIBLE?
To be eligible for early release of super, a citizen or permanent resident of Australia or New Zealand must be in one of the following circumstances:
- You are unemployed; or
- You are eligible to receive one of the following:
- JobSeeker payment;
- Youth allowance for JobSeekers (unless you are undertaking full-time study or are a new apprentice);
- Parenting payment (which includes the single and partnered payments);
- Special Benefit;
- Farm Household Allowance; or
- On or after 1 January 2020 either:
- You were made redundant;
- Your working hours were reduced by 20% or more (including to zero);
- You were a sole trader and your business was suspended or there was a reduction in turnover of 20% or more.
Members accessing their superannuation will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments.
HOW TO APPLY
Eligible members will need to apply directly to ESSSuper if they wish to withdraw funds under the new early release measure.
Download the form
Coronavirus early release form
Withdrawing your super early will reduce your retirement savings and may impact insurance attached to your account. You can consult ASIC’s MoneySmart website for more information and you should consider whether you need financial advice before completing an application.
Download our fact sheet on the impacts of early access to super (PDF 1.6MB).
- If you are in financial stress as a result of coronavirus you may be able to access up to $10,000 of your superannuation during the 2019-20 financial year and a further $10,000 during the 2020-21 financial year (before 24 September)
- Withdrawals will be tax-free
- Withdrawals will not affect Centrelink or Veterans’ Affairs payments
- If you have multiple ESSSuper accounts, monies will be drawn from Accumulation type account first
- Eligible members must apply for early access directly through ESSSuper
There are currently COVID-19 themed emails and SMSs in circulation. ESSSuper will be managing all claims for the early release of super, if you have received or are approached about paying a fee to release your super, it is likely to be a scam.
WE'RE HERE TO HELP
Should you decide to access your super at this time, we’re ready to help. We encourage you to speak to our experienced consultants before making decisions about your super. To learn more or book a phone appointment, please call us on 1300 650 161.