Coronavirus – Early Release of Superannuation

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Coronavirus Early Release of Superannuation
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To assist people adversely financially impacted
by the coronavirus, the Government has passed
laws to allow eligible people to access up to
10,000 of their superannuation in financial year
2019-20 plus a further 10,000 in the period
between 1 July and 24 September 2020 in financial
year 2020-21.
Eligibility
To be eligible to access their super, eligible
members must satisfy any one or more of the
following requirements at the time of making the
application
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1. They are unemployed, or
2. They are eligible to receive Jobseeker
Payment, Youth Allowance for jobseekers,
Parenting Payment (which includes the single and
partnered payments), Special Benefit or Farm
Household Allowance, or
3. On or after 1 January 2020

• They were made redundant, or
• Their working hours were reduced by 20 per cent
  or more, or
• If they are a sole trader their business was
  suspended or there was a reduction in their
  turnover of 20 per cent or more.

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In relation to reductions in working hours and
turnover, a member will be eligible if their hour
of work or turnover at the time of making the
application has reduced by 20 or more compared
to their average hours of work or turnover in the
second half of 2019.
Call us now at SMART Financial Advisory
(0402895593) or email us on pallavi_at_sfadvisory.com
.au and we can help you in these difficult times
of need.
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Contact Us
Address Fiveways Business Centre, 7 Keysborough
Close (First Floor), Keysborough, VIC, 3173
Australia
PH 61 3 9798 6622
Email clientservices_at_sfadvisory.com.au
Web www.sfadvisory.com.au
www.sfadvisory.com.au
61 3 9798 6622