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Coronavirus access to 10k super

Newbie

Views 1439

Replies 3

Hi. In relation to the early access of up to 10k from super due to a 20% loss or more in hours, I am wondering if being told I can no longer do my regular overtime hours constitutes a drop in hours?
I normally have regular overtime hours which is now gone... So using the ATO example given I will receive a drop of 20% or more compared to the last 6 months average... Or does this only apply to a reduction in base hours?

Also for people that qualify to access up to 10k, can you, at your discretion access the full 10k or is there a calculation the ATO does to see how much of that 10k you are entitles to?
Thanks!
1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Community Moderator

Replies 2

Hi @Stockmad,

 

Great question.

 

The eligibility is that your hours have reduced by 20% or more. When you apply you will need to certify that you meet the criteria. You will be able to apply in mid-April and you will be provided with the certification criteria when the system is updated.

 

So if your hours have dropped by 20% and you can certify it - you would be eligible.

 

All the best.

 

KylieS

3 REPLIES 3

Most helpful response

Community Moderator

Replies 2

Hi @Stockmad,

 

Great question.

 

The eligibility is that your hours have reduced by 20% or more. When you apply you will need to certify that you meet the criteria. You will be able to apply in mid-April and you will be provided with the certification criteria when the system is updated.

 

So if your hours have dropped by 20% and you can certify it - you would be eligible.

 

All the best.

 

KylieS

Newbie

Replies 1

Thanks Kylie
So you read it the same way as me that its not just base hours? Ie a reduction in any hours including overtime?
Also what about the secomd part of my original question too please if you know the answer?
Thanks

Community Moderator

Replies 0

Hi @Stockmad,

 

The eligibility only talks about hours not what sort of payment that you receive for those hours.

 

If you have the $10,000 in your super account you are able to with draw the full amount.

 

KylieS