Early access to super: latest update07 Dec 2020 3 min read
If you’ve been impacted by COVID-19 and would like to apply to access $10,000 from your super account, you must apply via the Australian Taxation Office at my.gov.au.
Applications close at 11.59pm AEDT on 31 December 2020.Apply now
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.