fbpx

Temporary Access to Super

Temporary Access to Super

As part of the measures taken by the government to support those impacted by COVID-19 some people will be able to access up to $10,000 of their super between now and 1 July 2020, with a further $10,000 in the first three months of the 2020-21 financial year, tax Complimentary.

Those who are eligible include the unemployed, people receiving JobSeeker Payment, Youth Allowance Jobseeker, Parenting Payment, Farm Household Allowance and Special Benefit. People who’ve been made redundant, had their work hours reduced by 20% or more or sole traders whose turnover has reduced by 20% or more since 1 January this year are also eligble.

Applications can be made online from mid-April by using myGov. Members will self-certify that they satisfy the eligibility criteria.

While this provides an additional safety net for individuals and families who face the loss of a job or a significant fall in income, we do urge our clients to consider accessing their super as a last resort.

Taking a chunk out of your retirement savings now, after a big market fall, would not only crystallise your recent losses but it also means you would have less money working for you when markets recover.

So before you do anything, speak to us and we can help you review other income support measures that may be applicable to your situation. Book a chat with the Centaur Financial team here.

Centaur Financial Services

Centaur Financial Services work as your partner, helping you navigate through the financial ups and downs life throws at you. First, it starts with your goals. Then it’s a lifelong commitment to achieving short, medium and long term objectives through a range of financial strategies and structures.

View All Services

The information provided on and made available through this website does not constitute financial product advice. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. We recommend that you obtain your own independent professional advice before making any decision in relation to your particular requirements or circumstances. Centaur Financial Services do not warrant the accuracy, completeness or currency of the information provided on and made available through this website. Past performance of any product discussed on this website is not indicative of future performance.

Book Contact