{"id":5168,"date":"2020-04-09T07:03:50","date_gmt":"2020-04-08T21:03:50","guid":{"rendered":"http:\/\/www.www.walshaccountants.com\/?p=5168"},"modified":"2020-04-09T07:03:50","modified_gmt":"2020-04-08T21:03:50","slug":"early-release-of-superannuation-covid-19","status":"publish","type":"post","link":"https:\/\/www.walshaccountants.com\/early-release-of-superannuation-covid-19\/","title":{"rendered":"Early Release of Superannuation &#8211; COVID-19"},"content":{"rendered":"<p>As a part of the safety net stimulus packages, the government announced that individuals that are adversely effected by coronavirus (COVID-19) can look to an early release of their Superannuation and\u00a0 may be able to access up to $10,000 of their super before 30 June 2020 and another $10,000 from 1 July 2020 until 24 September 2020.<\/p>\n<p>The ATO have recently announced that <strong>from mid-April<\/strong> those eligible can apply through myGov. The ATO will issue the individual a determination confirming eligibility. Once the individual provides the determination to the SMSF, the fund will be authorised to make the payment.<\/p>\n<h3>Eligibility for Release of your Superannuation<\/h3>\n<p>To apply for early release, you must satisfy any one or more of the following requirements:<\/p>\n<ul>\n<li>Are unemployed.<\/li>\n<li>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 &#8211; <em>Important to note, this does not include the Job Keeper payment.<\/em><\/li>\n<\/ul>\n<p>On or after 1\u00a0January 2020, either<\/p>\n<ul>\n<li>Have been made redundant<\/li>\n<li>Have had working hours were reduced by 20% or more<\/li>\n<li>If you are a sole trader, your business was suspended or there was a reduction in turnover of 20% or more.<\/li>\n<\/ul>\n<h3>Release of Superannuation held in SMSF<\/h3>\n<p>As the trustee of your SMSF, <strong>you are solely responsible<\/strong> for your retirement savings. Please ensure you are eligible for early release and provide a copy of the determination to your super accountant <strong><u>before<\/u> <\/strong>you release any monies from your SMSF.<\/p>\n<p>Please be aware that incorrect timing or documentation can result in compliance breaches with severe penalties.<\/p>\n<p>To discuss you eligibility for early release please contact your <a href=\"https:\/\/www.walshaccountants.com\/our-teams\/smsf-division\/\">Walsh SMSF Specialist<\/a> on 07 5592 3644.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As a part of the safety net stimulus packages, the government announced that individuals that are adversely effected by coronavirus (COVID-19) can look to an early release of their Superannuation and\u00a0 may be able to access up to $10,000 of their super before 30 June 2020 and another $10,000 from 1 July 2020 until 24 [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":5169,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_vp_format_video_url":"","_vp_image_focal_point":[],"footnotes":""},"categories":[64,14,61],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - 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