What you need to know about accessing your Superannuation

SUPERANNUATION FACTS

  • Eligible members are able to access $10,000 from Superannuation until the 1st of July 2020.
  • Then a further $10,000 until the 24th of September 2020
  • People that are eligible: If you’re unemployed, if you are able to receive a JobSeeker payment, youth allowance for job seekers, parenting payment, or special benefit or farm household allowance.
  • If you’re in receipt of one of the income payments from the government, then you’re more than likely going to be eligible for this.
  • You’re also eligible if on or after the 1st of January 2020 you were made redundant or your working hours were reduced by 20 hours or more, or if you’re a sole trader, your business was suspended or there was a reduction in turnover of 20% or more.

You can apply from the 20th of April 2020. If you don’t need this, you’re basically in a better position, you’re pretty much robbing your future self to help yourself now. We feel like you shouldn’t do it, but we obviously understand everyone’s situation’s different and if this is something you need to do, you certainly can – please seek advice before you do though.

How to apply:

Jump onto MyGov and apply through the ATO you can also do it through Centrelink. So don’t ring your superannuation fund it isn’t up to them. Once you have applied and when it is accepted the ATO will then send that to your superannuation and your superannuation will pay you.

Luke Grundy the principal Adviser here at Humblebee Financial Planning has done a fantastic video you can view it on our YouTube Channel here.

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