Women’s Legal Services Victoria
In certain circumstances you will be able to apply for early release of your super from 20 April 2020, because of COVID-19. You can apply to the ATO to access $10,000 of your super in 2019-20 and another $10,000 of your super in 2020-21. You won’t pay tax on any super you withdraw and it won’t affect Centrelink or Veterans’ Affairs payments.
Whether you should access your super early will depend on your individual circumstances. If you are at risk of ongoing poverty and don’t have access to other forms of financial assistance then early super release may be an important way for you to survive financially.
However, it’s important to consider the following before applying for the early release of your super:
- Are you making this decision yourself, free of any control or coercion (economic abuse) by another person? Call 1800RESPECT for family violence counselling if you think you need help.
- If your relationship has broken down or you are considering leaving your relationship, it is important to consider the impact early release of super will have on any family law property split (superannuation is an asset in family law)·
- The 5 steps outlined in the full brochure