The Government is allowing eligible Australians to withdraw up to $10,000 of their superannuation in 2019-20. Plus a further $10,000 in 2020-21! These payments are tax-free and will not affect any Centrelink or Veterans’ Affairs payments currently received.
Therefore, to determine if you meet the eligibility criteria for early release, click here. If you are eligible, you must apply directly to the Australian Taxation Office (ATO) through the myGov website.
You should remember that taking money out of your Superannuation, when the share market is underperforming, will impact your retirement. While taking your money out of the share market and moving your money to cash protects you from further losses, it also means that you miss out on any potential increases when the market begins to recover.
Regardless of your situation, we are here to help you. Let’s work together to create a plan to help you and your family through this challenging time!
Our Covid-19 blog is full of more useful information and additional resources, so please make sure you click here to check it out!
If you want to find out more tips on whether you should be withdrawing from your superannuation, get in touch with us today!
If you want to know more about your options please leave your details below and we will be in touch.
