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Supporting you if you’re affected by the Coronavirus
If you were financially affected by the COVID-19 crisis, you were eligible to access up to $10,000 of your superannuation in the 2019/20 financial year and a further $10,000 until 31 December 2020.
Although this initiative has now ended, there may be other ways you can access your super such as early release of super due to financial hardship.
To find out more please contact your financial adviser or contact us.
To apply for early release, you must have satisfied any of the below criteria, or more.
You can no longer apply for early access to super due to being financially impacted by the COVID-19 pandemic. The ATO accepted applications via myGov from 20 April 2020 until 31 December 2020.
These payments are tax-free and not treated as income under the Centrelink income test.This means the early release did not affect Centrelink or Veterans’ Affairs payments.
Information on how the Government is supporting individuals, households and businesses is on the Government’s Treasury website
More information is also available on the ‘COVID19’ section of the ATO website
Additional resources, including tips and calculators are on the Government’s MoneySmart website
If you're struggling financially because of the COVID-19, but don't want to withdraw from your super, there are some other initiatives in place. Talk to IOOF Client First to discuss them.