Unprecedented early access Super access is a very important decision to get correct…..
Written and accurate as at: May 18, 2020 Current Stats & Facts
In unprecedented times, this is a significant decision from the government, and anyone who takes up this allowance.
Super funds have already paid out over $6 billion in early release requests in the last week of April alone, with the vast majority of funds processing member requests for early release within five business days.
Importantly, at least one of the following conditions must be met to withdraw some or all of this money:
· Unemployment;
· Eligibility for the Commonwealth’s new ‘Jobseeker’ payment (which may include people who have only been stood down);
· Redundancy since 1 January 2020;
· Reduced working hours (by 20% or more) in 2020; or
· For sole traders, reduced turnover (by 20% or more) or the business has been suspended.
In order to make the withdrawal, each fund will have some procedural elements that must be considered. The ATO will also need to approve.
Whether you should make such a withdrawal depends on your unique circumstances. Early withdrawal is a good idea for some, but not for others.
If you think you might qualify for early release, why not give myself or Justin a call and we can talk through the pros and cons of early release in your particular case.
Unprecedented early access Super access is a very important decision to get correct…..
Contact us at Eclipse Financial Services on 1300 857 359 or visit www.eclipsefs.com
