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Re: New Financial Year Early Release of Super

Newbie

Views 684

Replies 3

My work hours have recently returned to normal this financial year, but last financial year they were impacted due to the Covid situation. I note that the eligility to claim early release super says if after January 1st, your income was affected etc etc, but it doesn't state what happens if I apply in this financial year, even if my hours are now back to normal again. Does that mean I am no longer eligible?  Financially many people will be in catch up mode so I presume it would still apply? And in the first half of the year I was impacted with a reduction in working hours?  

 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Former Community Support

Replies 0

Hey @ACAfan,

 

The wording doesn't specify that the reduction should be based on either of your jobs, but rather refers to your total working hours - irrespective of how you spread those hours out among different jobs. So if it were only one job where your hours were reduced by 20% but your total hours (both jobs together) still remain above 80% of what they were, then you wouldn't be eligible.

 

There's a little more info about how we check up on these sorts of things over on the COVID-19 early release of super – integrity and compliance page. I appreciate how you're doing the research to ensure you do the right thing! 

 

Let me know if you have any further questions. 

3 REPLIES 3

Superuser

Replies 2

Hi @ACAfan,

 

To be eligible, a citizen or permanent resident of Australia and New Zealand must require the COVID-19 early release of super to assist them to deal with the adverse economic effects of COVID-19.

 

In addition, one of the following circumstances must apply:

 

  • you are unemployed
  • you are eligible to receive one of the following
    • JobSeeker Payment
    • Youth Allowance for job seekers (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)

- 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.

- I would recommend looking into your average hours over the six months prior to your hours being reduced this could mean you are still eligilbe.

 

Hope this helps!!

Newbie

Replies 1

Thank you that helps.

 

So since Jan 1st, I had a 34% decline in hours in what i would classify as my highest earning job.

However, I have 3 part time jobs, but the one that earns me the most had taken the largest hit to hours being reduced from 455 hours lin 2019 July to Dec down to 299 hours Jan to Jun 2020. 

 

I have two other smaller part time jobs and none of these were impacted in terms of the hours being reduced. But the income is low and I took a significant hit to my income due to the reduced hours in the job I mention above. None of these other 2 smaller part time jobs can be classified as primary income due to the small income I make from them . Complicated I know. But so is my work life.

I can't see anything in the eligibility that points out that I would be ineligible if only one of my PT jobs was reduced only that if 20% of my hours was reduced....so it could be interpreted that I should be eligible based on my own self-assessment and the reduction in the hours? 

Sometimes not being eligible would be easier, but if the option is there to draw down more funds to "catch up" on the last 6 months, I would like to take the option if I can, but don't wish to flout the rules either so will only do so if confident I am eligible.

Also does it make a difference if a job is as a contracted casual as opposed to permanent P/T in relation to eligibility? 

Thanks if any further information. 

 

 

 

Most helpful response

Former Community Support

Replies 0

Hey @ACAfan,

 

The wording doesn't specify that the reduction should be based on either of your jobs, but rather refers to your total working hours - irrespective of how you spread those hours out among different jobs. So if it were only one job where your hours were reduced by 20% but your total hours (both jobs together) still remain above 80% of what they were, then you wouldn't be eligible.

 

There's a little more info about how we check up on these sorts of things over on the COVID-19 early release of super – integrity and compliance page. I appreciate how you're doing the research to ensure you do the right thing! 

 

Let me know if you have any further questions.