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Early release of Super due to family commitment

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Replies 1

Hi ...

I'm lookig to release some super early due to change in Family income. As a bacground...

 

I'm employed and getting same pay as getting before Covid, however a reduction in my sole trader income by 60% 

My wife un-employed as she is in beauty industry. Recently try to get back to work but no such income as people scared for direct contact

Back home my family struggle as my Father loose his job and brother getting half of salary and I need to support them.

 

and all of the above I'm finding hard to manage my monthly routine and credit card start building up.. so thinking to release super for $10k..

 

If i choose Reduction in sole trader income is that will be appropriate ? But I'm getting super from my full time employment

"you were a sole trader and your business was suspended or there was a reduction in turnover of 20% or more (partners in a partnership are not eligible unless the partner satisfies any other of the eligibility)"

 

Thanks in advance for your assistance

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 0

Hi @uvicky125

 

It's important when you assess your eligibility to remember that you can't apply on behalf of others. They also need to assess their eligibility to apply for their own Super.

 

So only thinking of your own circumstances regarding your own employment and business you need to work out if you qualify using the conditions provided. Yes there is the condition for a sole trader and based on what you have said about your sole trader business you may be eligible however you also said your full time employment was not affected so its up to you to self-assess. There isn't any guidance about being a sole trader and employed so we can only go with the information we have. As long as you can demonstrate that you have been affected and you required the money to assist yourself then you'll be fine.

 

Thanks, Ari

 

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hi @uvicky125

 

It's important when you assess your eligibility to remember that you can't apply on behalf of others. They also need to assess their eligibility to apply for their own Super.

 

So only thinking of your own circumstances regarding your own employment and business you need to work out if you qualify using the conditions provided. Yes there is the condition for a sole trader and based on what you have said about your sole trader business you may be eligible however you also said your full time employment was not affected so its up to you to self-assess. There isn't any guidance about being a sole trader and employed so we can only go with the information we have. As long as you can demonstrate that you have been affected and you required the money to assist yourself then you'll be fine.

 

Thanks, Ari