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Re: Job keeper and super release

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Newbie

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Replies 3

I’m wondering if I am eligible for the super release. I’ve been put on job keeper through my work, i only work part time so the payment covers my wage and then some. I also run my own business and have lost income, for March I had $0. Would I be eligible for the super release based on that.
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Best answer

Community Manager

Replies 2

Hi @Kaitmac 

 

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.

Based on what you said you should meet the bottom bolded criteria.

 

Thanks, Nate

3 REPLIES 3
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Best answer

Community Manager

Replies 2

Hi @Kaitmac 

 

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.

Based on what you said you should meet the bottom bolded criteria.

 

Thanks, Nate

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Newbie

Replies 1

Thank you Nate,
For working out the 20% reduction does it compare to the previous few months or April last year? I have been making more in this financial year than I was in the previous. April 19 compared to April this year I lost about 40%. And in comparison to Jan, feb and March of this year I lost about 70%. I’m just worried that because my income for this year will be about $10000 more than last years (I’ve started working more because my daughter is now in kindy) it will look like I haven’t actually lost anything if you compare income years.
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Community Support

Replies 0

Hi @Katimac,

 

Thank you for your response. 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. Treasury has a Fact sheet in relation to super and some examples.  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.