Last chance to access your superannuation under Covid-19 early release legislation

As the end of the calendar year approaches so does the deadline for early access to your superannuation under the Covid-19 early access provisions. 

Whilst the last day to access your superannuation under these provisions is 31 December 2020, the ATO has advised that should you wish to access your super pre-Christmas you will need to complete your application prior to 11 December 2020. 

The ability to access up to $10,000 of your super is available to those who have been made redundant, have had their working hours reduced by more than 20% and have been adversely financially impacted by Covid-19. If you are not in financial hardship you should not access your superannuation. The application process through mygov is a self-assessment process that you are responsible for. Penalties of up to $12,000 may apply for providing false or misleading information. 

Should you have any questions with regard to accessing your superannuation, please submit an online enquiry now or call Peter Quinn on +61 2 9580 9166.  We also offer a FREE 45-minute consultation should you have other financial planning, taxation or superannuation issues you may wish to discuss.

The information in this document does not take into account your personal objectives, financial situation or needs, and so you should consider its appropriateness having regard to these factors before acting on it.  It is important that your personal circumstances are taken into account before making any financial decision and it is recommended that you seek assistance from your financial adviser.