The COVID-19 pandemic has brought about unprecedented circumstances from both an economic and personal perspective for all Australians.

In response to this, amongst a host of other initiatives, the government have announced a scheme to provide citizens and permanent residents of both Australia and New Zealand that have been directly affected by COVID-19 with assistance by enabling early access to their superannuation benefits up to a sum of $10,000 this financial year with a further $10,000 available in the next financial year.

Whether or not you are eligible for this payout is ultimately determined by your employment status, your ability to receive other means-tested payments and whether your hours of employment or business turnover have been directly affected by the pandemic.

The application for these benefits is lodged online with the ATO through the myGov website. It is important to understand, however, that accessing your superannuation entitlements early will have an impact upon the level of your retirement fund.

If you require assistance with a superannuation claim, please do not hesitate to contact our Superannuation + TPD division today on 1800 848 848.