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Early release of super due to Covid-19 - Sole Trader

Newbie

Views 1298

Replies 2

Hi,

 

Would someone be eligible to access super early if they still have a full time job but had also recently started a business that has now been totally suspended? 

I started a new business at the beginning of the year and have since had all bookings cancelled due to not being able to hold events because of Coronavirus. My husband has lost over 30% of his hours at his job and I have lost all overtime in my full time job. I'm just wondering if it is at all possible to access some of my super early if we need to given the business has had to be suspended until restrictions on events/gatherings are lifted. 

 

Thank you.

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Former Community Support

Replies 0

Hi @MilaK,

 

Thanks for reaching out.

 

“To be eligible for early release of super, a citizen or permanent resident of Australia and New Zealand must be in one of the following circumstances:

 

  • You are unemployed.
  • You are eligible to receive one of the following  
    • jobseeker payment
    • youth allowance for jobseekers (unless you are undertaking full-time study or are a new apprentice)
    • parenting payment (which includes the single and partnered payments)
    • special benefit
    • farm household allowance.
  • On or after 1 January 2020 either  
    • you were made redundant
    • your working hours were reduced by 20% or more (including to zero)
    • you were a sole trader and your business was suspended or there was a reduction in turnover of 20% or more.”

 

I hope this helps.

2 REPLIES 2

Most helpful response

Former Community Support

Replies 0

Hi @MilaK,

 

Thanks for reaching out.

 

“To be eligible for early release of super, a citizen or permanent resident of Australia and New Zealand must be in one of the following circumstances:

 

  • You are unemployed.
  • You are eligible to receive one of the following  
    • jobseeker payment
    • youth allowance for jobseekers (unless you are undertaking full-time study or are a new apprentice)
    • parenting payment (which includes the single and partnered payments)
    • special benefit
    • farm household allowance.
  • On or after 1 January 2020 either  
    • you were made redundant
    • your working hours were reduced by 20% or more (including to zero)
    • you were a sole trader and your business was suspended or there was a reduction in turnover of 20% or more.”

 

I hope this helps.

Newbie

Replies 0

Hi Mila,

 

I am in the same boat. I work full time but also have a beauty business part-time which has been suspended due to covid-19.

Did you find out whether full time workers who are also sole traders whos businesses suspended were eligable for early release?

Technically, we are sole traders whos business was suspended.