If you have been financially affected by COVID-19, you may be able to access some of your superannuation early.

Eligible citizens and permanent residents of Australia or New Zealand can apply for up to $10,000 in 2019–20 and up to a further $10,000 in 2020–21.

Eligible temporary residents are able to apply once to access up to $10,000 of super in 2019–20.

Applications can be submitted online through myGov:

  • until 30 June 2020 for the 2019–20 year
  • between 1 July 2020 and 24 September 2020, for the 2020–21 year.

You will not need to pay tax on amounts released and will not need to include these amounts in your tax return.

Source – https://www.ato.gov.au/Individuals/Super/In-detail/Withdrawing-and-using-your-super/COVID-19-early-release-of-super/

If you need any help with your tax obligations, give our team at SPS Business Consultants a call on ☎️ (03) 9904 9261