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Early release of super covid-19

Newbie

Views 951

Replies 3

Hi we are struggling financially at the moment due to covid 19 and might have to access super. In terms of eligibility I just need to clarify this eligibility point.

"On or after 1 January 2020 either you were made redundant
your working hours were reduced by 20% or more (including to zero)"

I was told the reduction in hours is an average over 6 months is that correct? And is it a reduction in hours averaged over the 6 months prior to January. As this is also what I was told.
So for instance, scenario A;
I had a reduction in hours from October (had to go on extended annual leave) so ceased working in October is that meeting the eligibility as it is a reduction averaged over the 6 months prior.

Or, is annual leave counted as working hours?
I was on annual leave in January before going onto a govt payment that doesn't come under the payments listed in the eligibility criteria ie. It is not a parenting payment, jobseeker payment, youth allowance etc.
Is annual leave counted as working hours so going from that to the govt payment means I've had a reduction in hours.
My partner has now lost his job so trying to workout our options to stay afloat.
Thankyou
1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 2

Hi @Lolza

 

Welcome into our ATO community.

 

For an answer to your question please see COVID-19 (novel coronavirus) – early release of superannuation. You will note it asks a minimum one requirement be met and when it speaks to 20% hours reduction its on or after Jan 1 2020.

 

We are seeking to offer flexibility for taxpayers in acknowledgement of the uncertainty  many are faced with.

 

I hope this helps you work out how to make ends meet.

All the very best

MarkA

 

 

 

3 REPLIES 3

Most helpful response

ATO Community Support

Replies 2

Hi @Lolza

 

Welcome into our ATO community.

 

For an answer to your question please see COVID-19 (novel coronavirus) – early release of superannuation. You will note it asks a minimum one requirement be met and when it speaks to 20% hours reduction its on or after Jan 1 2020.

 

We are seeking to offer flexibility for taxpayers in acknowledgement of the uncertainty  many are faced with.

 

I hope this helps you work out how to make ends meet.

All the very best

MarkA

 

 

 

Newbie

Replies 1

Honestly still a little confused. So according to ChrisR (ATO Community support) on another post and the Ed the bartender example in the fact sheet on the treasury website you are comparing average weekly working hours between July and December 2019 to working hours now.

So if I worked 40 hour + weeks from July to October then nothing until December my average during that period is still higher then now where I'm working no hours isn't it?
Sorry for the silly questions

Thanks

Former Community Support

Replies 0

Hi @Lolza,

 

Thanks for reaching out and apologies for the delay.

 

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.

 

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.