Have you been impacted by COVID-19?
The Australian Federal Government, as part of their support package (Coronavirus Economic Response Package Omnibus Act 2020) for people through the effects of COVID-19, has amended existing superannuation regulations and added a new temporary early release provision of Australian Superannuation money.
From 20 April 2020, individuals will be able to apply online through myGov to access up to $10,000 of their superannuation before 1 July 2020. They will also be able to access up to a further $10,000 from 1 July 2020 until approximately 31 December 2020. This may be subject to additional changes if the Australian government further reviews this early release provision.
To apply for early release, you must satisfy any one or more of the following requirements:
* The job seeker payment, youth allowance and parenting payment etc. referred to above refers to different types of income support available in Australia from Centrelink, rather than Work and Income supports.
Summer has contacted the Australian Tax Office (ATO) and the New Zealand High Commission in Australia. We have questioned them about New Zealand residents with funds in Australian superannuation accounts accessing these withdrawals should they require them.
The ATO suggests that members may wish to register for myGov if you have not already.
Applications for early release of Australian Superannuation funds will be managed by the ATO, and if successful, copies of a determination of eligibility will be given to your superannuation provider to direct them to release funds.
If you have any questions, please find more information about these changes on the ATO’s website here.
KiwiSaver members who have transferred their Australian Superannuation already are subject to New Zealand rules. You can find more out about Trans-Tasman transfers here.
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