Temporary early access to your SMSF member balance
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.