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Eligibility Surrounding Early Release of Super

Newbie

Views 535

Replies 1

Hi ATO Community,

I have read through all the questions/answers surrounding early release of super and I am still confused about the eligibility in respect to my personal case...

 

I am a travel agent who is currently working a 9 day fortnight, we have also been asked to take annual leave / unpaid leave to assist the business with cash flow etc. If I take annual leave to cover the reduced hours will I be able to access my super? What proof would I need to provide if questioned about this?

 

Finally, if I apply and have this approved by the ATO, what are the penalties if for any reason the above is not acceptable because its still a very grey area surrounding the eligibility in my opinion?

 

Thanks in advance

 

 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 0

Hi @EmmaN,

 

Thank you for reaching out to us. To apply for Early access to your Super you need to meet at least one condition. You have until 30 June 2020 to apply for the 2020FY. You may also apply from 1 July 2020 for the 2021FY.


Under Assessing your eligibility it advises - 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.
 
The website also advises - 'Individuals financially affected by COVID-19 can access some of their superannuation early. Individuals will not need to pay tax on amounts released and will not need to include it in their tax return.
 
The application is available through ATO online services in myGov.'
 
It is up to the individual to self assess. There is also a fact sheet on the Treasury website. You may wish to view this before applying. If this does not answer your enquiry, we will likely have more info on this soon so please keep an eye on our forum and website, etc.
 
Hope this helps.

 

Regards,

Jodie2.

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hi @EmmaN,

 

Thank you for reaching out to us. To apply for Early access to your Super you need to meet at least one condition. You have until 30 June 2020 to apply for the 2020FY. You may also apply from 1 July 2020 for the 2021FY.


Under Assessing your eligibility it advises - 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.
 
The website also advises - 'Individuals financially affected by COVID-19 can access some of their superannuation early. Individuals will not need to pay tax on amounts released and will not need to include it in their tax return.
 
The application is available through ATO online services in myGov.'
 
It is up to the individual to self assess. There is also a fact sheet on the Treasury website. You may wish to view this before applying. If this does not answer your enquiry, we will likely have more info on this soon so please keep an eye on our forum and website, etc.
 
Hope this helps.

 

Regards,

Jodie2.