on air now

How to access government’s ‘super’ solution to financial hardship

Article image for How to access government’s ‘super’ solution to financial hardship

More than 700,000 Australians have already applied for early release of their super funds, according to the Assistant Minister for Superannuation.

To ease the financial burden of the COVID-19 pandemic, the federal government is allowing Australians to withdraw up to $10,000 early.

Senator Jane Hume, Assistant Minister for Superannuation, Financial Services and Financial Technology, says accessing your super early is as easy as logging into your MyGov account and registering your intention to access coronavirus support.

She tells Ray Hadley funds will be available as early as next Monday (April 20).

“Registrations have already been accepted by the ATO, and in fact around 743,000 Australians have already registered for early release.”

To be eligible for the scheme, applicants must be either

  • unemployed/eligible for the other Centrelink allowances
  • employed with hours reduced by at least 20 per cent; or
  • employed as a sole trader with a loss of at least 20 per cent of turnover.

The government’s Moneysmart website has additional details and advice for those considering early withdrawal.

“This is all about making sure Australians have flexibility to respond to their own personal needs.”

Click PLAY below to hear the full interview

Image: Getty