Covid-19 Financial Update #12 – Changes to Your Superannuation – Superannuation Update

Early Access to Superannuation:

In a follow up to our previous email covering off on the early super access concession. The Australian Tax Office have now confirmed that MyGov will be ready to complete these forms from 20 April 2020.

You can register your interest now by logging in to your MyGov account and following the intention to access coronavirus support instructions. The ATO will then notify you when the applications open.

There has been mention of a manual option for those who cannot access MyGov, however details regarding this option are not yet available, but it has been suggested these will be available around the same time.

Furthermore, we recommend that anyone considering the early release of super under this scheme consider seeking financial advice first. This will help you to make an informed choice that takes in to consideration your personal financial situation.

Why should I seek financial advice?

Your super could be invested in a number of markets. The economic climate in the past month has been highly volatile on account of the COVD-19 outbreak, and the superannuation industry has seen losses as a result. Withdrawing your super at this time could potentially crystallise any losses to your super.

Withdrawing your super could also lead to the cancellation of any insurance cover that you hold, in the event your full balance is withdrawn or after you’ve withdrawn money, your balance is unable to maintain your current insurance payments.

And finally, the Government have announce a series of other measure to provide financial assistance to individuals and businesses, which should be reviewed prior to accessing your superannuation.  

If you have any further questions regarding this please do not hesitate to contact our office.

This blog contains general information only and does not take into account any person’s financial objective, situation or needs. We recommend that you seek professional financial advice tailored to your own person circumstance before taking any financial action.

Connect with us and request an appointment today.