COVID-19 and temporary early access to super
On Sunday 22 March 2020, the Federal Government announced that people facing financial hardship as a result of the COVID-19 (Coronavirus) pandemic will be granted temporary early access to super.
Applied for early access to your super?
COVID-19 early release of super program closes on 31 December 2020. Payments for applications submitted by 31 December will be made throughout January.
There's generally no need to contact us.
If the ATO has approved your application via MyGov, they'll notify us, and we'll generally process your payment within 5 business days. The money will be in your bank account within a further 5 business days, depending on your banking institution.
We'll reach out to you if the information you've provided the ATO doesn't match our records.
We're working to support our members in financial distress and appreciate your patience.
If you're applying to the ATO for early access to your super for the second time, it's vital that you check your current LUCRF Super account balance in Members Online as the balance you see in myGov won’t reflect the early access payment we made to you earlier this year.
Temporary early access to super
Between 1 July and 31 December 2020 (FY2020-21) eligible individuals can apply online through ATO online services in myGov to access up to $10,000 of their superannuation
You should carefully consider eligibility criteria as penalties of up to $12,000 apply for making false and misleading statements.
What's the process?
- No tax will be payable on any released amounts.
- Eligibility criteria applies.
- The Australian Taxation Office (ATO) will decide who is eligible, not LUCRF Super.
- To claim, you will need to go to mygov.com directly
- If you provide false or misleading information in your application, you could face penalties of more than $12,000 for each false and misleading statement. More information here.
Please refer to the Australian Government’s official Fact Sheet for eligibility and more details as they emerge.
- As with all financial decisions, it’s important consider the pros and the cons of accessing your super early. For more information visit - COVID-19: The pros and cons of accessing your super early.
- The Barefoot Investor1 has written and made available an article from his recent newsletter about the Temporary Early Access to Super scheme and things to consider – ‘How to grab a quick 20k, but is it painless?’
- Moneysmart has created a handy list of steps to look after yourself and your money – ‘COVID-19 making financial decisions’.
- Industry SuperFunds Australia has provided a snapshot indication of how much you could stand to lose from your retirement by accessing your super now – ‘What could you stand to lose?’
1 LUCRF Super does not recommend, endorse or accept any responsibility for the products and services offered by Barefoot Investor.