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COVID19 early access to super & FHSS

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Replies 1

Hi,

 

I am considering appling for early relase of 10k of my super for COVID19 circumstances. 

 

I am just wondering if releasing funds from my super for this purpose will later affect me being able to withdraw super under the FHSS?

 

Thanks,

James

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Accepted Solutions

Most helpful response

Former Community Support

Replies 0

Hi @james_kb 

 

Thanks for contacting ATO Community.

 

Accessing your super early will affect your super balance and may affect your future retirement income.

 

Withdrawing superannuation may also affect your:

  • income protection insurance
  • life / total permanent disability insurance cover.

Insurance may not be available on accounts that:

  • are fully withdrawn
  • have a balance below $6,000
  • are inactive low balance accounts.

You should consider whether you need to seek financial advice before submitting your application for early release of super. Services Australia’s Financial Information Service OfficersExternal Link can give you free, confidential financial information.

 

To help, you can also check out:COVID-19 accessing your superExternal Link – MoneySmart and see more information on our website about: early release of superannuation. 

 

I really hope this information helps you and you remain safe and well during this difficult time.

 

MariR

1 REPLY 1

Most helpful response

Former Community Support

Replies 0

Hi @james_kb 

 

Thanks for contacting ATO Community.

 

Accessing your super early will affect your super balance and may affect your future retirement income.

 

Withdrawing superannuation may also affect your:

  • income protection insurance
  • life / total permanent disability insurance cover.

Insurance may not be available on accounts that:

  • are fully withdrawn
  • have a balance below $6,000
  • are inactive low balance accounts.

You should consider whether you need to seek financial advice before submitting your application for early release of super. Services Australia’s Financial Information Service OfficersExternal Link can give you free, confidential financial information.

 

To help, you can also check out:COVID-19 accessing your superExternal Link – MoneySmart and see more information on our website about: early release of superannuation. 

 

I really hope this information helps you and you remain safe and well during this difficult time.

 

MariR