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COVID-19 early release of super

Newbie

Views 1599

Replies 5

With the conditions to be eligible to for early release of superannuation it says if your hours are reduced by 20% or more. My work hours haven’t been reduced but my annual wage has been reduced by 21% while still in the same position. Am I eligible for this?
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Accepted Solutions

Most helpful response

Devotee

Replies 0

Your reduction in wages would not make you eligible to apply for an early release of your super.

 

For an employee, the legislation refers to a reduction in hours of 20% or more.  The only reference to a reduction in income relates to the turnover of sole traders.

5 REPLIES 5

Most helpful response

Devotee

Replies 0

Your reduction in wages would not make you eligible to apply for an early release of your super.

 

For an employee, the legislation refers to a reduction in hours of 20% or more.  The only reference to a reduction in income relates to the turnover of sole traders.

Newbie

Replies 3

Hey - I am in a similar position with a 30% salary cut but still working 40 hour weeks - did you recevie any official advice in the end?

ATO Certified Response

Former Community Support

Replies 2

Hi @KerryH,

 

Sorry to hear that your workplace has been impacted.

 

For up to date information, and to check your eligibility for early release of superannuation, please see COVID-19 early release of super

 

Thanks, Kimo

Newbie

Replies 1

Thanks Kimo. I am on a subclass 457 visa so unfortuntely the page remains a little confusing to me. My salary has dropped significantly but the 457 isn't mentioned within the site - nor on many sites it seems

Community Moderator

Replies 0

Hi @KerryH

 

Thanks for your reply.

 

As a subclass 457 temporary visa holder, you will need to satisfy one of the temporary residents eligibility requirements. You will need to contact the Department of Home Affairs to find out what type of temporary visa a subclass 457 visa is if you're not sure. That will help you work out which eligibility requirement applies to you.

 

Good luck with it all.

 

Thanks, ChrisR