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COVID Super early release deadline extended

The Government have announced that the application period for the early release of up to$10,000 from super funds due to COVID-19 will be extended to 31st December 2020.

As you may recall, this Government initiative was originally intended as a way for individuals who have been adversely financially impacted by the COVID-19 situation to withdraw up to $10,000 from their super fund (both last financial year, and this financial year), and was due to close on the 24th September 2020.

Treasury have issued a fact sheet, which details the time extension and also provides a refresher on the eligibility of making the withdrawals, for those that may be thinking of doing so.

Note that the time extension does not apply to eligible temporary visa holders. Those were able to do up to $10,000 prior to 1 July 2020, however they have not been given any extension into 2020/21. So it is only Australian and New Zealand citizens and permanent residents that this applies to.

CLICK HERE to go to the Treasury fact sheet.

 

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