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COVID-19 Early Release of Super

Newbie

Views 644

Replies 2

Hi ATO,

I have question regarding eligibilty of early release of Super due to COVID 19. I know you guys mentioned JobKeeper payments won’t affect our eligibility for COVID-19 early release of super.

My situation is, my company applied for Job kepper for me but still waiting for approval. But as a goodwill gesture they are paying us $150 upfront for each day we are stood down.

I am stood down for 5 days in month of June which is around 23.08% reduction in work hours. This should make me eligible to early access of super.

But since my company is paying me $150 for each of these 5 stood down days as a topup in my payslip and they are still waiting for approval from ATO on Job kepper, will this effect my eligibilty, since overall salary will only reduce by 13.41%, even though work hours reduced by 23.08%?

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Former Community Support

Replies 1

Hello @PSP 

To be eligible for early release of super the eligibility requirements say that your working hours must have been reduced by %20 or more or if you are 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. The amount you earn does not come into the decision making process.

So long as you are confident that you can show that your Hours of work were reduced by %20 and you meet the other requirements than you should assume you are eligible.

PBlizz

 

2 REPLIES 2

Most helpful response

Former Community Support

Replies 1

Hello @PSP 

To be eligible for early release of super the eligibility requirements say that your working hours must have been reduced by %20 or more or if you are 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. The amount you earn does not come into the decision making process.

So long as you are confident that you can show that your Hours of work were reduced by %20 and you meet the other requirements than you should assume you are eligible.

PBlizz

 

Newbie

Replies 0

Ok Thank you