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SMSF Updates

Temporary early access to your SMSF member balance

24 Mar, 2020

The Government has allowed SMSF members affected by the Coronations to access up to $10,000 of their member balance for 2020 and 2021 financial years respectively.

Are you eligible?

You only need to satisfy one of the following conditions:

  • you are unemployed;
  • you are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment , special benefit or farm household allowance; or
  • from 1st January 2020, you were made redundant or your working hours have been reduced at least by 20% or if you are a sole trader and your business has been suspended or turnover has been reduced by more than 20%.

How to apply for the temporary early access to your superannuation?

  • apply directly from myGov if your super fund is not a SMSF. ATO will use the determination letter to your super fund that can pay you directly.
  • for SMSF members, apply from MyGov and ATO will issue the determination letter to members.

How much can you apply for?

  • up to $10,000 in 2020 financial year
  • up to $10,000 in 2021 financial year but you need to apply for in 3 months after 1/7/2020.

How often can you apply for the payment?

Once a financial year.

Will the payment be taxed in your personal return?

No, it is tax free and non-reportable therefore it will not affect your Centrelink or other benefits payment.

Please note this is a temporary payment and it should be discontinued if you return to work.

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