Temporary early access to your super. I recommend going through the information from Fairwork regarding employers directing employees to take annual leave: Pay and leave during coronavirus - Annual leave - If you're unsure you're employer should be directing you to use annual leave please contact Fairwork. From what I have seen from SOME answers, it would seem I'm eligible...bu I'm not sure. The ATO has announced that those found to have accessed super on false pretences could have the amount added to their taxable income. You apply directly to the ATO through the. ‎1 June 2020 Sunsuper’s award-winning Retirement income account could be much smarter than withdrawing all your money at once when you stop working. See Early access to super. 3-4 business days after you submit your application. on Halloween costumes are spooky but your tax return doesn't have to be. It is important to note, you cannot apply through Sunsuper directly. It might be the first time in your life that you're really thinking about your super. This fact sheet from the Treasury website provides additional information, including the likely eligibility criteria and a statement advising that you will be able to apply from mid-April. Take the hassle out of paying multiple super funds for different employees with the Sunsuper clearing house. Use arrow keys to navigate between menuitems, spacebar to expand submenus, escape key to close submenus, enter to activate menuitems. Use arrow keys to navigate between menuitems, spacebar to expand submenus, escape key to close submenus, enter to activate menuitems. Ask questions, share your knowledge and discuss your experiences with us and our Community. Footer. on Our ATO Community is here to help make tax and super easier. other immediate financial assistance that may be available and Thanks to @Glenn4802 for your great information. because you have lost some overtime or penalty rate hours, you are not eligible for the early access. When you save on things that matter now, you’ll have more for what matters in the future. are a sole trader and your business was suspended or there was a reduction in your turnover of 20% or more. I'd like to access early release but need clarification, as my preference would be not breaching a rule (yes, I used the word 'preference' deliberately. However, you should keep records and documents to confirm your eligibility as we may ask you for this information. Once we let you know that we have received your early access payment approval from the ATO, we will generally make the payment to you within 2-3 days. ‎24 March 2020 ‎21 April 2020 ‎23 June 2020 01:08 PM, on Protecting Your Super Package legislation, Lifecycle Investment Strategy (default option), Automatic Death and Total & Permanent Disability Assist cover, Insurance in Superannuation Voluntary Code of Practice, Putting Members Interests First (PMIF) legislation. because you have lost some overtime or penalty rate hours, you are not eligible for the early access. You may wish to review these. 12:57 PM, on Entering the incorrect bank account could result in your funds being paid to the wrong person. Join Sunsuper's Chief Economist and Head of Advice and Retirement as they discuss investments, super and how to achieve your retirement dreams. 03:41 PM. Why is your payment amount less than you expected? How does one find out? 12:03 AM, on The government has issued warnings of scams involving the COVID-19 early access to super scheme. You may have entered a different amount to what you intended to withdraw from your Sunsuper account when you completed the myGov application. 4. We’ll try to stop the payment and help you to correct your bank account details so you can receive your payment as soon as possible. 07:56 PM If you are applying to the ATO for early access to your super for the second time, it is vital that you check your current Sunsuper account balance in Member Online as the balance you see in myGov won’t reflect the early access payment we made to you earlier this year. The ATO may take action if you apply and you're not eligible. There will be no tax on released amounts and they will not affect Centrelink or Veteran Affairs payments. You will notice there are numerous other measures for access related to hardship (that exist normally) that may make one eligible apart from just COVID-19. I took annual leave / time off in lieu that I otherwise would not have taken due to assisting a vulnerable person. For employees, the 20% reduction test relates to their working hours, not the amount of wages. –    your working hours were reduced by 20% or more If the ATO approves your application but your balance in myGov was higher than your account balance, we will only pay you the amount in your account. 03:33 PM. This is confirmed in the fact sheet mentioned in my earlier post and the wording of the related law change. This equated to one day per week, which equals 20% of my full-time hours. While accessing your super early will impact how much you have in retirement, if you do need to access your super, we will do everything we can to work with you, to get you back on track to a comfortable retirement. –    your business was suspended or there was a reduction in your turnover of 20% or more, if you are a sole trader. Will we use your feedback to improve your Sunsuper online experience. Smart moves with how you invest your super today can help you achieve your retirement dreams tomorrow. the effect accessing your super early could have on your retirement savings? 07:55 PM. It clearly indicates being eligible for Jobseeker payment is a eligibility. on Can you please define 'unemployed'. You should never share your Sunsuper or myGov account details with anyone who contacts you. So if your working hours have reduced by at least 20% you can apply for the early release of super. Once we make the payment, the money will be in your bank account within a further 3-5 business days. Any question related to your conditions of work and rate of pay can be referred to Fair Work for clarification. protect your super and your online account. ‎21 April 2020 Been forced to take 1 annual leave day off a week for the next 2 months from my work,Losing 20% of hours a week BUT getting paid for the annual leave 1 day off.Am I still entitled for the super early release? Information and inspiration to help you plan your future, manage your super and enjoy your retirement. ■    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. You can see your current account balance in Member Online and you should use this amount as a guide to how much you can request to withdraw when you complete the application in myGov. ‎22 June 2020 Provide details below to personalise your experience. While superannuation helps people save for retirement, the government has recognised that for those significantly financially affected by the coronavirus, accessing some of those savings today may outweigh the benefits of maintaining those savings until retirement. Early access payments won’t change the existing ways to apply for, parenting payment (including the single and partnered payments), or, had your working hours reduced by 20% or more, or. When we receive the returned payment, we will process it to your correct bank account as quickly as possible. Taking annual leave would normally be set out in your award or registered agreement, company policy or contract of employment. 5. ‎11 May 2020 Don't forget to lodge this weekend! The balance you see in myGov is based on the last time we reported to the ATO (which could be up to 12 months ago). What if the bank account you provided to the ATO is incorrect? Is it refering to being unemployed due to Covid-19 or just in general? We’re proud to be named SuperRatings’ 2020 Fund of the Year for offering the best-value end-to-end product for our members. See Early access to super. COVID-19 support – early release of super. ‎22 March 2020 12:30 PM, on If you applied for COVID-19 early release of super but the ATO has decided you weren’t eligible, you should discuss your situation with the ATO. We may also call to confirm your personal details if they are different to what you have provided to the ATO. * Please check your balance to make sure that you have enough funds to withdraw, as the balance you see in myGov is based on the last time Sunsuper reported to the ATO (which may have been up to 12 months ago). Within 5 business days of the ATO notifying us. Whether or not you were approved to access your super early in 2019-20, if you are eligible, you can now apply to access up to $10,000 until 31 December 2020 via the same myGov process. Choose one fund, and make it a good one. Hello, When will you be providing information regarding the early access of up to $10000 super, before July 1 2020 due to Coronavirus hardship? on compassionate grounds. Systems to facilitate the payments e.g. Hi @PJtheFC . The 20% reduction in income relates to the turnover of businesses owned by sole traders. MyGov would also not normally be updated until the proposal become law. Our ATO Community is here to help make tax and super easier. It might be the first time in your life that you're really thinking about your super. If you are eligible, you were able to withdraw up to $10,000 in 2019-20. If you are experiencing financial stress as a result of coronavirus, you may be able to access your superannuation. COVID-19 Early Release of Super: If you are suffering financial hardship to the ongoing coronavirus pandemic. ‎25 March 2020 Have you registered as an adviser with Sunsuper? on Please note: you cannot apply through Sunsuper directly. If you are eligible, you can apply to the ATO through the myGov website to access up to $10,000 of your superannuation until 31 December 2020 (the measure originally ended on 24 September, but the government has announced that it is extending the measure until 31 December). I think you will find that reassuring. To apply for early access to your super, you must certify to the ATO that you satisfy one or more of the following requirements. Note the ATO advises that you should check your eligibility carefully before you apply for COVID-19 early release of super and keep records that demonstrate your eligibility. For early access to your super you need to meet eligibility requirements.. If your hours have dropped by less than 20% but your wages have dropped by 20% or more e.g. For most workers, means the ATO could claw back more than $3,000 from a $10,000 withdrawal. Keep in my mind I am losing annual leave as well once a week. Protecting your super from COVID-19 scams, other immediate financial assistance that may be available. The eligibility criteria is; - edited And whether this is the first or second time you are applying, before you go ahead, are you aware of If you are experiencing financial stress as a result of coronavirus, you may have real and immediate need to access your super. You must have JavaScript running so that our website will work properly, and to enable most of the accessibility features we've implemented. As noted above, if you are applying to the ATO for early access to your super for the second time, the balance you see in myGov will also not reflect the payment we made to you earlier this year.