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Early access to super for business participants

Newbie

Views 564

Replies 1

Hi there

 

I wish to access the early release of super of $10,000 now and next financial year BUT looks like i fall through the cracks and won't be able to. 

 

I have checked the eligibility for early release of super and it looks like it only caters for "individuals" or "sole traders" and EXCLUDES people like me i.e. I run my own business (have ABN under company structure). I'm classified as a business participant under JobKeeper (i.e non-employee but essential worker and am a Director of my company) and my business have lost 80% turnover due to Covid-19. 

 

Now, the eligibility requirements only mention about individuals who are on "JobSeeker, unemployed or sole traders whose turnover have dropped 20% or more". Im not a sole trader but my business have lost 80% in turnover. 

 

Can someone let me know if i'm eligible to apply? The closest reason i can see for applying for early release is that my "working hours of have dropped 20% or more" but seems as though this is referring to employed people? (e.g. peple who are employed full-time?).

 

Thanks

Regards

Sallie

 

 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Former Community Support

Replies 0

Hi @sallie 

Please refer to the Eligibility requirements for COVID-19 early release of superannuation.

Note - one of the criteria for Citizens and permanent residents states your working hours were reduced by 20% or more (including to zero) either on or after 1 January 2020. It does not specify you need to be an employee.

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.

Hope this helps.

 

1 REPLY 1

Most helpful response

Former Community Support

Replies 0

Hi @sallie 

Please refer to the Eligibility requirements for COVID-19 early release of superannuation.

Note - one of the criteria for Citizens and permanent residents states your working hours were reduced by 20% or more (including to zero) either on or after 1 January 2020. It does not specify you need to be an employee.

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.

Hope this helps.