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ARTICLE · 01 APRIL 2020

Superannuation support measures – combating COVID-19

Cooper Grace Ward
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Summary of the superannuation support measures to combat COVID-19 including early access & minimum pension withdrawals.

AustraliaEmployment and HR
Clinton Jackson
Clinton Jackson
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Laws have now been passed to implement the following two key superannuation measures previously announced by the Government to help Australians through these unprecedented times.

Early access to superannuation

Individuals will be able to access up to $20,000 from their superannuation early in order to assist with any financial hardship they are suffering in two tranches:

  • up to $10,000 for the 2020 financial year; and
  • up to $10,000 for the 2021 financial year.

To be eligible for this early withdrawal, an individual must:

  • be unemployed
  • be eligible to receive a job seeker payment, youth allowance (some types only), parenting payment, special benefit or farm household allowance

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© Cooper Grace Ward Lawyers

Cooper Grace Ward is a leading Australian law firm based in Brisbane.

This publication is for information only and is not legal advice. You should obtain advice that is specific to your circumstances and not rely on this publication as legal advice. If there are any issues you would like us to advise you on arising from this publication, please contact Cooper Grace Ward Lawyers.

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