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.
This initiative is designed to supplement any additional support you may be eligible for through JobKeeper and JobSeeker assistance.
Not sure how you're affected? Try our income budget calculator to calculate any shortfall in your income.
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.
To be eligible, you must meet one of the following conditions:
Eligible individuals will be able to apply to access up to:
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:
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:
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.
Visit the ATO website at ato.gov.au for more information about early release and other financial assistance that may be available to you.
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.