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20% reduction

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I had a 20% reduction of hours in the first half of January. Since then, my hours have returned to normal. Am I still eligible to apply for early release of super?
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Community Support

Replies 2

Hi @Cboyko86,

 

Thanks for reaching out.

 

"To be eligible for early release of super, a citizen or permanent resident of Australia and New Zealand must be in one of the following circumstances:

 

  • You are unemployed.
  • 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.
  • 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."

 

Your working hours on or after 1 January 2020 need to have been reduced by 20% or more of your average hours over the six months prior to your hours being reduced. If you’re a sole trader, your business would need to have been suspended or seen a reduction in your turnover of 20% or more.

 

You can view the COVID-19 early release of super information on our website.

 

I hope this helps.

3 REPLIES 3
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Most helpful response

Community Support

Replies 2

Hi @Cboyko86,

 

Thanks for reaching out.

 

"To be eligible for early release of super, a citizen or permanent resident of Australia and New Zealand must be in one of the following circumstances:

 

  • You are unemployed.
  • 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.
  • 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."

 

Your working hours on or after 1 January 2020 need to have been reduced by 20% or more of your average hours over the six months prior to your hours being reduced. If you’re a sole trader, your business would need to have been suspended or seen a reduction in your turnover of 20% or more.

 

You can view the COVID-19 early release of super information on our website.

 

I hope this helps.

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I'm new

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I am both a sole trader and a part time PAYG employee of 28 hours a week.

I have still been employed during COVID19 with the same hours but my business has experienced a 20%+ reduction in income this financial year. 

Would I be elligible to apply for early release super as the extra income I receive from my business is vital to supplement my part time income?

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Community Support

Replies 0

Hi @peterharden,

 

If your business has suffered the required turnover in income and you meet the other eligibility requirements you would be eligible to apply.

 

Good luck with everything.