SUPERANNUATION & KIWISAVER
Temporary early release of superannuation
The government is allowing individuals affected by the coronavirus to access up to $10,000 of their superannuation in 2019–20 and a further $10,000 in 2020–21. Individuals will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans’ Affairs payments.
From mid-April 2020, eligible individuals will be able to apply online through myGov to access up to $10,000 of their superannuation before 1 July 2020. They will also be able to access up to a further $10,000 from 1 July 2020 for approximately three months.
Source ATO: ATO My GOV
To apply for early release, you must satisfy any one or more of the following requirements:
- You are unemployed.
- You are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance.
- On or after 1 January 2020, either
- you were made redundant
- your working hours were reduced by 20% or more
- if you are a sole trader, your business was suspended or there was a reduction in your turnover of 20% or more.
Apply here: Start Application
What if I do not have any super?
You should contact your KiwiSaver in New Zealand. You will have a provider, you need to contact them and make enquiries as to how you might access your KiwiSaver.
What if I do not have KiwiSaver or super as well as no savings or money?
You need to either apply some action ‘listed below’ Covid 19 could last 3 months/6 months or longer
You can start actioning the following
- Call your debtors and negotiate smaller payments
- Call your real-estate agent to see if your landlord will reduce your rent
- Start a budget and plan to have 8 weeks rent aside 8 weeks food money aside
- Plan the children’s needs, medicines or medical treatments nappies etc
- Call your insurance companies and assess your options
- Consider your options to secure some funds
Then Fill this out
You can find out what you are entitled to outside of the Covid-19 payments by using the Payments & Services Finder.
This will give you a detailed list of all payments you are eligible to claim based on your visa status.