Be aware that some promoters claim to offer early access to your super by transferring your super into a self-managed super fund. These schemes are illegal and heavy penalties apply if you get involved. For more information, refer to Illegal early release of super.
On this page:
COVID-19 early release of superannuation
Be aware
Access on compassionate grounds
Access due to severe financial hardship
Access due to a terminal medical condition
Access due to temporary incapacity
Access due to permanent incapacity
Super less than $200
First home super saver scheme
If you need additional financial support as a result of COVID-19, you may be able to access up to $10,000 of your super, provided you meet certain eligibility criteria.
Applications for this financial year close on 30 June. Remember, eligible temporary residents can only apply this financial year. For more information, visit www.ato.gov.au/early-access
COVID-19 (novel coronavirus) – early release of superannuation
The application is available through ATO online services in myGov.
$10,000 of their super until 30 June 2020
a further $10,000 from 1 July 2020 until 24 September 2020.
To apply for early release, you must satisfy one or more of the following requirements:
- You are unemployed.
- You are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance.
- On or after 1 January 2020, either
- you were made redundant
- your working hours were reduced by 20% or more
- if you were a sole trader, your business was suspended or there was a reduction in your turnover of 20% or more.
See also:
COVID-19 early release of super to start your application
Temporary early release of superannuation
Application tips
To make the application process as smooth as possible, please check all your information is correct before you submit your application, including:
- your contact details
- the amount you request – your current balance through your fund’s online portal to ensure your request is based on the latest available balance.
- your Australian bank account details – only Australian bank accounts are accepted.
You can only submit one application for COVID-19 early release of super per financial year.You can only submit one application for COVID-19 early release of super in each financial year:
This is even if the total amount you request to be released, or the actual amount released by your fund, is less than $10,000. For example, if you request $8,000, you cannot make another application to request the additional $2,000.
You can't access your super early for a dependant. If your dependant is financially affected by COVD-19, they must apply themselves.
An application can't be withdrawn or cancelled once it has been submitted. If you no longer want the release of your super, you will need to contact your fund. If the bank account you provided on your application form is incorrect, contact your super fund urgently to correct it.
If you notice another error in your application after you have submitted it, you need to contact us as soon as possible to see if we can fix the error.
Next step:
After you apply
It will take us up to four business days to process your application and send your outcome letter to your myGov inbox. You may also receive an SMS notification.
If you receive a notification from us and haven't applied to access your super early, you need to call us or your fund as soon as possible.
If you have an Australian Prudential Regulation Authority (APRA) fund and your application is approved, you do not need to contact us or your fund. Your fund will make the payment to you without you needing to apply to them directly.
The Australian Prudential Regulation Authority (APRA) have issued guidance to super funds and expect payment to be made to members within five business days once they have been notified by us. However, this time may increase where funds need to contact you to clarify information. More information can be found on APRA's websiteExternal Link.
If your fund is a state-administered fund, they need to follow the rules of their trust deed to determine if they're allowed to release super due to COVID-19. You will need to get confirmation from your fund, before you submit an application, that they can release your super early and whether they require a letter of approval (determination) from us.
If your fund is an SMSF, you will need to let them know that you have received the letter of approval from us so they can make the payment to you.
Access on compassionate grounds
You may be allowed to withdraw some of your super on compassionate grounds. Compassionate grounds include needing money to pay for:
- medical treatment and medical transport for you or your dependant
- palliative care for you or your dependant
- making a payment on a home loan or council rates so you don't lose your home
- accommodating a disability for you or your dependant
- expenses associated with the death, funeral or burial of your dependant.
See also:
Access due to severe financial hardship
Severe financial hardship is not administered by the ATO. You need to contact your super provider to request access to your super due to severe financial hardship.
You may be able to withdraw some of your super if you meet both these conditions:
You have received eligible government income support payments continuously for 26 weeks.
You are not able to meet reasonable and immediate family living expenses.
If you withdraw super due to severe financial hardship it is taxed as a super lump sum.
The minimum amount that can be withdrawn is $1,000 and the maximum amount is $10,000. If your super balance is less than $1,000 you can withdraw up to your remaining balance after tax.
You can only make one withdrawal in any 12-month period.
If you have reached your preservation age plus 39 weeks and you were not gainfully employed when you apply, there are no cashing restrictions.
If your super provider requests evidence, contact the Services Australia to ask them to provide a letter confirming you have received eligible government income support payments continuously for 26 weeks or more.
There are no special tax rates for a super withdrawal because of severe financial hardship. It is paid and taxed as a normal super lump sum. If you are under 60 years old, this is generally taxed between 17% and 22%. If you are older than 60 years old, you will not be taxed.
See also:
Early release of superannuation – How to applyExternal Link – on the Services Australia website
How tax applies to your super
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