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Early Release

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Newbie

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Just wanting to understand a bit more. I receive family tax benefits A & B fortnightly (which I know isn’t listed under this) and work casually and usually earn only about $100 a week (so under the tax threshold). At the start of the year until start of March I was getting a steady 4 hours a week (sometimes more) but since then it’s dropped down to 1.5-3 hours. My husband still has a secure job but with all our expenses we are struggling!
I was unsure if I fell into the category of 20% or less for early release super and if so if I needed to provide proof at some stage would payslips be the proof you needed? I really wanted some clarity before I tried to claim. Thank you
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Hi @sdanz 

 

Thanks for reaching out to ATO Community regarding early release of super.

 

The below information if from our knowledge based article on early access to super.

 

What time frame is the 20% or more reduction in working hours based on?

Your working hours on or after 1 January 2020 need to have been reduced by 20% or more of your average hours over the six months prior to your hours being reduced. If you’re a sole trader, your business would need to have been suspended or seen a reduction in your turnover of 20% or more.

To receive the payment you need to meet the eligibility criteria. You do not need to attach evidence to support your application. However, you should keep records and documents to confirm your eligibility as we may ask you for this information.

 

I hope this helps.

Thanks

SarahB1

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Most helpful response

Community Support

Replies 2

Hi @sdanz 

 

Thanks for reaching out to ATO Community regarding early release of super.

 

The below information if from our knowledge based article on early access to super.

 

What time frame is the 20% or more reduction in working hours based on?

Your working hours on or after 1 January 2020 need to have been reduced by 20% or more of your average hours over the six months prior to your hours being reduced. If you’re a sole trader, your business would need to have been suspended or seen a reduction in your turnover of 20% or more.

To receive the payment you need to meet the eligibility criteria. You do not need to attach evidence to support your application. However, you should keep records and documents to confirm your eligibility as we may ask you for this information.

 

I hope this helps.

Thanks

SarahB1

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Newbie

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Thank you.

My hours have gone from a steady 4 hours usually to a gradual 3 to now 2 hours a week. So I think that’s classed as the 20%?

Also, would pay slips be ok proof if I were required to show documents at a later date? Are you contacting employers during the phase of approval or decline?

Thanks
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Community Support

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Hi @sdanz

 

Thanks for getting back to us and for your patience.

 

If you averaged four working hours a week between July and December 2019 and are now averaging two working hours a week, your working hours have been reduced by 50%. In turn, you meet the 20% reduction in working hours requirement.

 

Pay slips and time sheets are examples of records that you could keep and provide if asked. Anything that shows that your hours have been reduced should be kept.

 

Good luck with it all.

 

Thanks, ChrisR