With the outbreak of Coronavirus COVID-19), the Australian government has allowed all the Australians and the temporary visa holders to access their superannuation earlier to ease the situation. To lighten the worrying situation and crises, it could be a huge step to get relief in this pandemic. But are you eligible to get your superannuation earlier? What are the criteria for it? Let’s get the answer to these questions.
Superannuation is like your retire check but you can access it now before the actual time. To get it, you must meet the following criteria.
- You are unemployed – If you used to work in tax as per the Australian government rules and regulations and now you have lost your job because of this pandemic then you can access your super before time.
- Reduction of working hours – If your working hours are reduced by 20% or more then you can apply for your super withdraw. But, you have to keep your proof ready in case they ask you to prove the proof of your work reduction.
- If you are a sole trader (ABN) and your business is badly impacted and getting 20% or more reduction in your income then you can withdraw your money from your super piggy bank.
What if you are a student or other temporary visa holder?
You can still access your superannuation early if you are on a student visa or any temporary visa for more than 12 months. For this, you need to satisfy the following conditions.
- You hold a student visa that you have held for 12 months or more and you are unable to meet immediate living expenses.
- You are a temporary skilled work visa holder, your working hours have reduced to zero and you remain engaged with your employer.
- You are a temporary resident visa holder (excluding student or skilled worker visas) and you cannot meet immediate living expenses.
Am I eligible to get my super early in the following conditions?
- I have lost the job but I used to work in cash in a handjob?
If you were working in cash job then you probably do not have the superannuation account. - I used to work in 2 places in tax and I am not working in one place now. Am I eligible?
You are still working mate. But your working hours are reduced. You should be ready to show that you are in hardship if they ask any proof with you. - I lost my job but my wife is still working. Can I get my super early?
If you have lost your job, there won’t be any income in your account and tax. Hence, you can apply for it. - I work in tax and cash but my tax job is gone. But I’m still working in cash.
Yes, you are eligible according to the above condition.
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