Blog Layout
Ray Breslin • Mar 24, 2020
Early Access to Superannuation - Economic Response to (COVID-19)
The Government is allowing individuals affected by the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21.
Temporary Early Access to Superannuation
Summary:
While superannuation helps people save for retirement, the Government recognises that for those
significantly financially affected by the Coronavirus, accessing some of their superannuation today may
outweigh the benefits of maintaining those savings until retirement.
Eligible individuals will be able to apply online through myGov to access up to $10,000 of their
superannuation before 1 July 2020. They will also be able to access up to a further $10,000 from 1 July 2020
for approximately three months (exact timing will depend on the passage of the relevant legislation).
Eligibility
To apply for early release you must satisfy any one or more of the following requirements:
• you are unemployed; or
• you are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment
(which includes the single and partnered payments), special benefit or farm household allowance; or
• on or after 1 January 2020:
you were made redundant; or
your working hours were reduced by 20 per cent or more; or
if you are a sole trader — your business was suspended or there was a reduction in your
turnover of 20 per cent or more.
People accessing their superannuation will not need to pay tax on amounts released and the money they
withdraw will not affect Centrelink or Veterans’ Affairs payments.
How to Apply
If you are eligible for this new ground of early release, you can apply directly to the ATO through the myGov
Download Fact Sheet
website: www.my.gov.au.
You will need to certify that you meet the above eligibility criteria.
After the ATO has processed your application, they will issue you with a determination. The ATO will also
provide a copy of this determination to your superannuation fund, which will advise them to release your
superannuation payment.
Your fund will then make the payment to you, without you needing to apply to them directly. However, to ensure you receive your payment as soon as possible, you should contact your fund to check that they have your correct details, including your current bank account details and proof of identity documents.
Separate arrangements will apply if you are a member of a self-managed superannuation fund (SMSF).
Further guidance will be available on the ATO website: www.ato.gov.au.
News Feed
Discover the benefits of Cabot Health Magnesium Complete - the ultimate supplement for optimal health and well-being. Boost your magnesium levels and improve your overall wellness today!
Discover the top 5 best security companies in Sydney and protect your business with the most reliable and trusted services. Find out which company ranks as the best in the industry.
Discover the inspiring story of Sam Ibrahim and his journey to success in this insightful article. Learn about his strategies and tips for achieving your goals.
Discover the consequences of vaping on public health in NSW as we delve into the effects of smoke-free laws and the ban on vaping in public spaces, including the impact of the controversial decision to make vaping banned in public spaces.
Valentine's Day , a celebration deeply woven into the tapestry of love, offers a special moment to express the depth of your feelings for your beloved. The quest for the perfect gift can be a journey of love in itself, reflecting your understanding and affection. To ease this quest, we present you with five unique and heartfelt gift ideas guaranteed to make your girlfriend's heart flutter with joy and make this Valentine's Day truly memorable.
When the time comes to sell your business under the National Disability Insurance Scheme (NDIS) , finding the right business broker is crucial. With numerous brokers available, it can be overwhelming to determine which ones are experienced and reliable in navigating the complex world of NDIS businesses. In this article, we will present a comprehensive list of the top 5 NDIS business brokers you should consider when selling your business. These experts have a proven track record of success and possess an intricate understanding of the intricacies involved in transferring ownership within the disability sector. Whether you're looking for guidance on valuation , marketing strategies, or negotiating deals with potential buyers, these trusted professionals have got you covered. By entrusting one of these highly recommended NDIS business brokers, you can ensure a smooth transition while achieving optimal results from your business sale. The Importance of Choosing the Right NDIS Business Broker Selling your business is a significant decision that requires careful consideration. Finding the right NDIS business broker can make all the difference in ensuring a smooth and successful sale. Here's why it's crucial to choose wisely: Expertise: A reputable NDIS business broker possesses extensive knowledge and experience in navigating the complexities of selling businesses within the disability support sector. They understand market trends, valuation methods, and have valuable connections with potential buyers. Maximizing Value: An experienced broker will strive to achieve maximum value for your business by presenting it in its best light and effectively marketing it to qualified buyers. They know how to highlight its unique aspects, assets, and growth potential while conducting thorough due diligence on interested parties to ensure they are serious contenders. Negotiation Skills: Selling a business involves negotiating various terms such as price, payment structure, non-compete clauses, transition periods, etc. The right broker will be an effective mediator who can advocate for your interests while maintaining open communication between you and potential buyers. Confidentiality: Maintaining confidentiality throughout the sales process is vital for protecting both your interests and those of employees or clients connected with your business. On aspects like financial records before passing them on prospective buyer through Non-disclosure agreement (NDA) .