The Federal Government has announced an extension to the ability for an individuals who are still financially impacted by the COVID-19 pandemic to have more time to apply for the early release of up to $10,000 of superannuation, with the application period extended from 24 September 2020 to 31 December 2020.
The announcement was part of the July Economic and Fiscal Outlook released on Thursday, 23 July 2020 by Federal Treasurer, Josh Frydenberg.
Eligibility for early release access
It is important to note how eligible citizens and permanent residents of Australia or New Zealand can apply for a ‘once only’ early release payment under compassionate grounds (due to COVID-19) in the 2020–21 financial year, with access up to $10,000 as a tax-free payment.
The flowchart below helps you to understand this decision making process for an individual to qualify:
More information about the qualifying criteria for temporary early release of super can be found in our previous blog post
COVID-19 Super Measures: Temporary early release of superannuation
Extending free document access
As a result of this announcement, Smarter SMSF will continue to offer free access to the documentation required for SMSFs to correctly implement where a member has been granted approval by the Regulator for the early release payment of up to $10,000.
These can be ordered via the Smarter SMSF platform and also within BGL’s Simple Fund 360.
For further information about these early release measures and the COVID-19 documents provided by Smarter SMSF, please refer to our dedicated COVID-19 page.
