My Super News
FAQs about COVID-19 and access to super
On 22 March 2020, the Federal Government announced changes to help super members impacted by the coronavirus (COVID-19).
It is intended that from mid-April, those who satisfy the eligibility criteria will be able to access up to $10,000 of their super this financial year and an additional $10,000 in the first three months of the following financial year.
For pension accounts, the Government is also temporarily reducing the amount required to be drawn down by 50 per cent for the 2020 and 2021 financial years.
Frequently Asked Questions
Am I eligible?
To be eligible, 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 job seekers, parenting payment (including 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're a sole trader, your business was suspended or there was a reduction in turnover of 20 per cent or more.
How do I apply?
If you are eligible for this new ground of early release, you can apply directly to the Australian Taxation Office (ATO) through the myGov website at www.my.gov.au You will need to certify that you meet the above eligibility requirements.
After the ATO has processed your application, they will issue you with a determination. The ATO will also provide a copy of this determination to VISSF, which will advise us to release your super payment to you. We will then make the payment to you, without you needing to apply to them directly.
To ensure you receive your payment as soon as possible, you should contact us to check that we have your correct details, including your current bank account details and proof of identity documents.
Separate arrangements will apply if you are a member of a self-managed superannuation fund (SMSF).
When will I be able to apply?
You will be able to apply for early release of your super from mid-April 2020.
Will I be taxed on my withdrawal?
People accessing their super will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments.
Will I need to prove my identity when applying?
Before we pay your benefit, you will need to provide proof of your identity. Proving your identity ensures your benefit is released to you and no one else.
To prove your identity, you can either authorise VISSF to use the information you provide on our Early Release of Super form or you can supply certified copies of the required identification documents.
Electronic identification is the easiest way to prove your identity. Simply provide your Medicare card details and either your current Australian driver’s licence or current Australian passport on the form.
How do I certify my documents?
If you are unable to provide the details for electronic identification, you can provide certified identification documents instead.
Make copies of your identification and take these, along with the original documents, to the police station or post office. Before you go, make sure:
• you check if your identification is double-sided and copy both sides; • your identification is current or recent enough;
• you supply an English translation by an accredited translator, if the documents are written in a foreign language.
To ensure your documents are certified correctly, please make sure the authorised person:
• writes or stamps in English on the front page of your copies, words to the effect of This is a true and correct copy of the original;
• writes their name, qualification – such as Police Officer – and registration number if applicable; and • includes their signature and the date.
Post your form and certified copies.
• Send us the certified copies of your identification, not the originals.
• Include the completed Early Release of Super form.