As part of the government’s response to the current crisis, it is confirmed that people may be able to access Superannuation early as a means to help during these tough times. Although the government has announced this as part of the stimulus package which continues to be rolled out, you will not be able to access these funds until around mid April. You will need to apply through your myGov account and approval is provided by the ATO. The links below provide further information in relation to eligibility criteria and a flow chart in relation to the process to access these funds.
ATO responsibility in approving early release
Accessing your superannuation early should only be done in the event that these funds are absolutely needed! Accessing your superannuation and withdrawing these funds now, could have a long-term effect on your retirement savings. Should you be considering this, we strongly advise that you sort advice in regards to what long-term effects this may have to your retirement plans.