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SMSF Updates

Early release of super for 2020-21

09 Jul, 2020

Individuals can now submit applications to access their superannuation early online through myGov until 11.59pm (AEST) on Thursday 24 September 2020.

Eligibility criteria continue to apply and the ATO has identified behaviours of concern such as:

  • applying when there is no change to regular salary and wage or employment information
  • artificially arranging affairs to meet the eligibility criteria
  • making false statements or fraudulent attempts to meet the eligibility criteria
  • temporary resident applicants attempting to apply as a permanent resident or citizen after Wednesday 1 July 2020
  • withdrawing and recontributing super for a tax advantage.

Advise your clients to keep records and documents to confirm eligibility as the ATO may ask for this information.

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