Early Superannuation Access – How To Exercise Your Rights
In the wake of the recent COVID-19 pandemic , the Government has allowed early access to superannuation funds for certain groups of people and traders. Although the early access prescription appears easy to follow, there can be cases that fall on the eligibility borderline. The scales weigh more on the side of eligibility rather than the ineligibility side of early access for the applicant. The simple consequence of this misinterpretation could risk an eligible applicant becoming an ineligible one. What did the Government Say? The Government would allow early access to the super funds by those affected by the COVID-19 crisis. Basically, an eligible super funds member can withdraw $10,000.00 this financial year which ends on 30 June 2020, and another $10,000.00 next financial year which starts as of 1 July 2020. This is tax-free the Government said . The measure is designed to address the existing hardship on the eligible individuals and traders to whom this ne...