If you are affected by the Coronavirus, you may be eligible to access up to $10,000 of your superannuation in 2019/20 and a further $10,000 in 2020/21. The ATO started to accept applications from 20 April 2020.
Many of our members have already accessed some of their super through the COVID-19 early release of super initiative. If this is you, we hope that accessing your funds has helped you during these unprecedented times.
There is another opportunity to access your funds in the 2020/21 financial year from 1 July 2020. Eligible citizens and permanent residents of Australia or New Zealand can access a further payment of up to $10,000 from 1 July 2020 to 24 September 2020 by applying to the ATO via your my.gov.au account.
Find out what you can do to help us pay you as soon as possible.
If you are eligible, you will be able to apply online through myGov to access up to $10,000 of your super before 1 July 2020. A further $10,000 can be accessed from 1 July 2020 until 24 September 2020.
Check below if you satisfy any of these requirements. To apply for early release, you must satisfy any one of them, or more.
These payments are tax-free and not treated as income under the Centrelink income test.
The ATO began accepting applications via myGov from 20 April 2020.
You don’t need to apply to IOOF.
All applications are sent online directly to the Australian Taxation Office (ATO) through the myGov website. Make sure you have your myGov account linked to your ATO account.
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 ‘notice of determination’. The ATO will also provide a copy of this determination to IOOF, which will advise us to release your superannuation payment. We will then make the payment to you.
Make sure IOOF has your correct details. The fastest and easiest way to do it is online.
These payments are tax-free and not treated as income under the Centrelink income test. This means the early release will not affect Centrelink or Veterans’ Affairs payments.
Due to the Coronavirus situation and with our staff working from home - we can only make lump sum payments by direct credit to your nominated bank account with the ATO.
If you're struggling financially because of the Coronavirus but you’re not eligible or don't want to withdraw from your super, there are some other initiatives in place.
Other Government support includes:
Please talk to your financial adviser, or contact us to find out more about measures applicable to your situation.
Even if you’re eligible, there are some potential impacts you should consider.
Before making the decision to access your super early, please seek advice from the financial adviser available to you through your super account or contact us and we can help.
Information on how the Government is supporting individuals, households and businesses is on the Government’s Treasury website
More information is also available on the ‘COVID19’ section of the ATO website
Additional resources, including tips and calculators is on the Government’s MoneySmart website