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Early access to super: how it’s working

12 May 2020 3 min read

The government’s temporary compassionate ground of early release of super allows those who are eligible to withdraw up to $10,000 from their super in the 2019/20 financial year and up to a further $10,000 in the 2020/21 financial year.

As at 3 May, Australian Prudential Regulation Authority (APRA) data showed that super funds had already issued early release payments totalling $6.3 billion to 830,000 members and that 96% of payments are being processed within five business days.

How long does the early release of super take?

Step One - submit your application to the Australian Taxation Office through ATO online services at myGov.

Step Two - the ATO will process your application which can take up to four days. If approved, the ATO will forward your application to your super fund for payment.

Step Three - your super fund will review your application. APRA has asked super funds to make payments to members within five business days but it may take longer, for example, if fraud is suspected or the fund needs to confirm your details.

Step Four - if you are a member of an APRA-regulated super fund, your fund will transfer the benefit to your nominated bank account. If you are with a state-administered fund of SMSF, the payment time may vary.

Payments may take longer than five business days if:

  • incomplete information is provided by the ATO;
  • application errors by members need clarification;
  • there are mismatches between member information provided by the ATO and that held by the fund; and
  • you are a defined benefits member whose application needs additional processing.

Early access to super FAQ

How do I access money from my super under the financial hardship clause relating to coronavirus?

Do I need to contact NGS Super to request early release?

Will I receive my funds five days after I apply?

Is this different to existing early release provisions?

What impact will early release have on my final super balance?

More COVID-19 FAQs

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