The government has introduced a temporary measure to allow eligible people who have been financially affected by COVID-19 to access some of their super early.
If you have applied for Early Release (COVID-19) via myGov and the ATO have approved it and notified us, we will process it as soon as possible and send it to your nominated bank account.
Processing may take up to 5 business days from the date we receive your details from the ATO. This does not include any processing time at the ATO or time your bank may take to put the money into your account.
If you believe that you have made a mistake in your application to the ATO and we have not yet processed your payment, you will need to contact the ATO to resolve your issue.
Am I eligible?
To be eligible, you must meet one of the following conditions:
you’re eligible to receive Jobseeker Payment, Youth Allowance (jobseekers), Parenting Payment, Special Benefit or Farm Household Allowance
on or after 1 January 2020, you were either:
your hours of work reduced by at least 20%, or
if you’re a sole trader, your business was suspended, or your turnover reduced by at least 20%.
How much can I claim?
Eligible individuals will be able to apply to access up to:
$10,000 of their super before 1 July 2020, and
a further $10,000 from 1 July 2020 until 24 September 2020.
How to apply
Eligible members can apply to the Australian Tax Office (ATO) via the myGov online portal.
You cannot apply directly to AUSfund.
The ATO will require you to:
Review a list of open accounts that you have and the last account balance reported for that account. In most cases that is 30 June 2019 so you should check your balance with your fund before applying.
Input the amount you would like to release from each account. The total amount can’t exceed $10,000.
Input the bank account details (account name, BSB and account number) you would like the money paid into.
Authorise the ATO to provide it to the super fund and that the super fund release the money into that account.
The ATO will then assess your claim and notify us once they have approved it. They will send you an SMS once they have forwarded your claim to us and issue you with a claim determination notice. If any of the details in your notice are incorrect, you will need to contact the ATO to resolve them before we make your payment.
Once we receive your claim from the ATO, we will:
Send you an SMS if we have your mobile number to confirm we have received the request. You can login to Member Online to make sure we have your correct details.
Process your claim within 5 business days. If we are unable to process your payment for any reason, we will contact you to resolve this as soon as possible. If we require additional information from you before we can process your claim, processing may take up to 10 business days.
Send you a further SMS confirmation once we finish processing your claim.
Make the transfer to your account on the following business day.
Mail a transaction record to your postal address.
Please note Claiming parts of your super before you retire may cause you to miss out on valuable investment returns when current shocks to global markets recover, and have the effect of reducing the balance that may be available to you when you retire. You should consider your own financial situation and whether other government assistance is available to you before deciding whether to make a claim.
Want to know more?
Visit the ATO website at ato.gov.au for more information about early release and other financial assistance that may be available to you.
Beware of scams
Criminals are using the spread of COVID-19 to take advantage of people across Australia. Some scammers are sending fake texts and emails pretending to be from government departments to ‘phish’ for private information. Other criminals are offering to help people access financial assistance for a fee. Beware of scams related to COVID-19, especially early release of super.
The ATO is managing all claims for early release through myGov. There is no requirement to pay a fee for this scheme. You can contact the ATO to get free assistance.
Don’t click on any links in unsolicited communications, even if they appear to be from a reputable source. Always go to official websites directly from your browser.
Don’t respond to any unsolicited messages and calls that ask for your personal or financial details. If you do need to speak to someone, hang up and call back on the official number provided on their website.