EARLY ACCESS OF SUPER
FOR MEMBERS IMPACTED BY COVID-19
If you’re experiencing financial difficulties due to the impact of Coronavirus, you may be able to obtain access to some of your super soon.
The Federal Government has announced temporary changes to the early release of super under compassionate grounds as part of its COVID-19 response.
The change will allow those impacted by the Coronavirus to access up to $10,000 of their super in 2019-2020 and a further $10,000 in 2020-21.
When is it available?
Members will be able to apply via myGov from mid-April 2020.
Who is eligible?
To apply, you must satisfy one or more of the following requirements:
- you are unemployed; or
- you are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance; or
- on or after 1 January 2020:
- you were made redundant; or
- your working hours were reduced by 20 per cent or more; or
- if you are a sole trader — your business was suspended or there was a reduction in your turnover of 20 per cent or more.
People accessing their superannuation will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments.
Eligibility will be managed by the ATO.
How to apply
If you are eligible for this new ground of early release, you can apply directly to the ATO through the myGov website from mid April. You will need to certify that you meet the above eligibility criteria.
Setting up a myGov account
To set up a myGov account, select Create an account at the bottom of the screen and follow the instructions. You will need an email address to create your account. You can then use your email address or mobile phone number to sign in. Once your myGov account is set up, you can link it to ATO online services.
BUSSQ is here for you
We're here to support you in this difficult time and are doing everything we can to help our members. For all enquiries relating to a compassionate ground claim, please fill in the form below, and a BUSSQ team member will be in touch.
What to be aware of if you are applying for early release of your super
Frauds and scams
Never provide your bank details to an unknown third party. If you are applying for early release of your super, do not let a third party submit your application on your behalf. We have seen in the past fraudsters taking high fees or commissions or at worse all of a member’s benefit. BUSSQ is here to help you with this process should you need any assistance at all.
Looking for more support?
We have relationships with various organisations in the industry that support our members.
Skylight Financial Solutions was built by BUSSQ to provide affordable financial solutions for our members. As a member of BUSSQ, you can receive straightforward financial advice at no extra cost. Call 1800 759 544 or book an appointment with a Skylight Financial Planner.
MIC works to reduce the high level of suicide among Australian construction workers. If you or your mates are doing it tough, call MIC on 1300 MIC 111 (1300 642 111). They are available to help 24/7.
The Building Employees Redundancy Trust supports the building and construction industry by providing redundancy payments and benefits to members.
Budgeting and expense tools
Skylight Financial Solutions has a range of calculators to help you manage your finances.