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ARTICLE · 13 MAY 2020

COVID-19—Early access to superannuation while bankrupt

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How are these early superannuation payments treated for undischarged bankrupts?

AustraliaInsolvency/Bankruptcy/Re-Structuring
James Robba
James Robba
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How are these payments treated?

Individuals affected by coronavirus can now apply 1 to access up to $10,000 of their superannuation in 2019-20 financial year and up to a further $10,000 in 2020-21 financial year.

To apply, an individual must satisfy one or more of the following requirements:

  • ou are unemployed; or
  • you are eligible to receive a JobSeeker payment, youth allowance for jobseekers, parenting payment, special benefit or farm household allowance; or

On or after 1 January 2020:

  • you were made redundant; or
  • your working hours reduced by 20 percent or more; or
  • if you are a sole trader, your business was suspended, or your turnover reduced by 20 percent or more.

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