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Digital Nomad Freelance Sole Trader Overseas Eligibility For Early Access To Super

Newbie

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Hello! 

Are Australian Citizens who've been residing in another country or have been traveling indefinitely for nearly 2 years (after having lived in Australia for nearly 11 years) who earn an income online as a digital nomad (and have an ABN registered), but have been impacted by COVID 19 as their clients have paused or ended the word indefinitely) eligible for accessing their super early? 

 

Let me know! 

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Devotee

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These are the eligibility criteria

 

COVID-19 (novel coronavirus) – early release of superannuation

Individuals financially affected by COVID-19 can access some of their superannuation early. Individuals will not need to pay tax on amounts released and will not need to include it in their tax return.

The application is available through ATO online services in myGov.

Citizens and permanent residents

Eligible Australian and New Zealand citizens and permanent residents are able to apply to access up to:

  • $10,000 of their super until 30 June 2020
  • a further $10,000 from 1 July 2020 until 24 September 2020.

To apply for early release, you must satisfy one or more of the following requirements:

  • You are unemployed.
  • You are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance.
  • On or after 1 January 2020, either
    • you were made redundant
    • your working hours were reduced by 20% or more
    • if you were a sole trader, your business was suspended or there was a reduction in your turnover of 20% or more.

 

https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/early-access-to-your-super...

 

If you deem yourself eligible (self-assessed) i hope you still have an Australian bank account in your own name.

1 REPLY 1

Most helpful response

Devotee

Replies 0

These are the eligibility criteria

 

COVID-19 (novel coronavirus) – early release of superannuation

Individuals financially affected by COVID-19 can access some of their superannuation early. Individuals will not need to pay tax on amounts released and will not need to include it in their tax return.

The application is available through ATO online services in myGov.

Citizens and permanent residents

Eligible Australian and New Zealand citizens and permanent residents are able to apply to access up to:

  • $10,000 of their super until 30 June 2020
  • a further $10,000 from 1 July 2020 until 24 September 2020.

To apply for early release, you must satisfy one or more of the following requirements:

  • You are unemployed.
  • You are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance.
  • On or after 1 January 2020, either
    • you were made redundant
    • your working hours were reduced by 20% or more
    • if you were a sole trader, your business was suspended or there was a reduction in your turnover of 20% or more.

 

https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/early-access-to-your-super...

 

If you deem yourself eligible (self-assessed) i hope you still have an Australian bank account in your own name.