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Eligibility for early access to super COVID-19

Newbie

Views 565

Replies 1

I'm struggling to work out whether ot not I am eligible to apply for early access to my super under COVID-19?

 

Here is my situation:

  • I am the director of a private company that practices in the beauty industry which was shut for approx 2 months due to COVID-19.
  • I do admin for the company but do not take a salary because I am more interested in growth than compensation.
  • I also have a full time job that did not see a reduction in hours due to COVID-19.

Am I able to apply for early acces to my super annuation based on the reduction in hours(inabiliity to trade) from my company even though my other employment was not affected ?

I believe I should be able to, however I also do not want to do the wrong thing.

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 0

Hi @Belcher,

 

Thank you for reaching out to us. The website advises - To apply for early release, you must satisfy one or more of the following requirements:

  • You are unemployed.
  • You are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance.
  • On or after 1 January 2020, either
    • you were made redundant
    • your working hours were reduced by 20% or more
    • if you were a sole trader, your business was suspended or there was a reduction in your turnover of 20% or more.

There is also a fact sheet on Treasury website. Or you can view further information about accessing super here. It is up to the individual to self assess.

 

Hope this helps.

 

Regards,

Jodie2.,

 

  

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hi @Belcher,

 

Thank you for reaching out to us. The website advises - To apply for early release, you must satisfy one or more of the following requirements:

  • You are unemployed.
  • You are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance.
  • On or after 1 January 2020, either
    • you were made redundant
    • your working hours were reduced by 20% or more
    • if you were a sole trader, your business was suspended or there was a reduction in your turnover of 20% or more.

There is also a fact sheet on Treasury website. Or you can view further information about accessing super here. It is up to the individual to self assess.

 

Hope this helps.

 

Regards,

Jodie2.,