Early release of super

The Government has announced a new measure about early release of superannuation for COVID-19. Individuals affected by COVID-19 can access up to $10,000 of their superannuation in 2019-20 and up to a further $10,000 in 2020-21. Individuals will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments. More information is available on ATO’s website – early release of super link

The measure does not affect existing superannuation measures to access super on compassionate grounds or access to superannuation due to severe financial hardship.

*Moneysmart’s early release of super information

Includes eligibility, impact, options and more…

*Should you access your super early? Here’s what to consider 

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