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Early Release of Superannuation Covid-19

Newbie

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Replies 1

Hi Everyone

Just had my Super Early release application approved today but I have a lingering questions because I rushed in too hastily and may have misstepped.

In February 2020 I consolidated my 3 Super accounts into one account (Now I have 2 accounts for some reason which is 1 consolidated total account and 1 is my most recent employer contributed account) but I can’t remember which one as that was also stupidly rushed by me but the fund is titled “Retirement Portfolio Service”. Long story short I now have a certain amount in something called “Accumulation Phase” and total certain amount figure representing my “Total Superannuation Balance” which appears to be a combination of the one consolidated super account and my most recent employers fund. When I made the early release application only my most recent employers super fund was made available to withdraw from even though my consolidated (old and now closed) super fund contains funds also.

My questions are:

1. I believe if I hadn’t consolidated my super funds, I’d have access to them and be more visible through the application process. Is this true or false?

2. I applied for the full allowable amount by law but my most recent super fund only contains half of the total allowable amount with my unmentioned consolidated account contains the other half. Will my application automatically withdraw from the consolidated account? If not, is there any process I can do to access this amount?

3. I’m still confused about the “Accumulation Phase” thing as I thought my “Total Superannuation Balance” was the amount I withdrew from. Is this an ATO specific thing or this an entirely different super fund?

4. After some research, I discovered half my super was consolidated into a something called “Public Offer Retail” fund. Does this have any significance to my proceedings?

5. Hypothetically speaking, now my application is processed and I needed to contact a super fund for release of funds is this possible? I think I read somewhere you can only access super from ATO website?

6. Could I use the successful application email from the Aus Government to verify my right to withdraw my funds as proof to justify my request? Would there be a timeframe (before next financial year) to do so?

7. Instead of my speculation and theories from online reading, would it be easier and recommended to see an accountant to help me understand and sort out this situation? I’m extremely uninformed when it comes to anything Super related haha

Finally thank you everyone for any help and assistance. I hope I’m not looking into it too deeply. Sometimes technology confuses me and I make a lot of hasty mistakes. I hope everyone stays safe and healthy and I wish for a prosperous future for all! Thank you!
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Accepted Solutions

Most helpful response

Community Moderator

Replies 0

Hi @Riddim

 

Thanks for reaching out to us.

 

The application form on myGov will display all your superannuation accounts, as reported to us by your funds. You can request the release of your super from up to five super accounts. For example, if you want to receive a total of $10,000 you can request $5,000 from one fund and a second $5,000 from another fund. This must be done within one application form.

 

For more information about COVID-19 early release of super and how to submit an application, have a look at our website.

 

If you only nominated one super fund and that is the fund that currently holds at least $10,000 for you, it sounds like you will be fine. If not, you may want to give us a call so we can take a closer look at your situation.

 

Good luck with it all.

 

Thanks, ChrisR

1 REPLY 1

Most helpful response

Community Moderator

Replies 0

Hi @Riddim

 

Thanks for reaching out to us.

 

The application form on myGov will display all your superannuation accounts, as reported to us by your funds. You can request the release of your super from up to five super accounts. For example, if you want to receive a total of $10,000 you can request $5,000 from one fund and a second $5,000 from another fund. This must be done within one application form.

 

For more information about COVID-19 early release of super and how to submit an application, have a look at our website.

 

If you only nominated one super fund and that is the fund that currently holds at least $10,000 for you, it sounds like you will be fine. If not, you may want to give us a call so we can take a closer look at your situation.

 

Good luck with it all.

 

Thanks, ChrisR