Temporary early release of super scheme extended

The Australian Government has confirmed that it is extending the application period for the COVID Early Release of Super Scheme.

The announcement – part of the Government’s Economic and Fiscal Update (mini-budget) released on Thursday 24 July – will extend the second stage of the scheme from 24 September 2020 to 31 December 2020.

The Government says the extension will increase the opportunity for individuals who may still be financially impacted by COVID-19 to access early release of super in the coming months. It will also allow members more time to consider their financial situation and whether or not they need to access their super.

Eligible Australian and New Zealand citizens and permanent residents were able to access up to $10,000 of their superannuation before 1 July 2020. They can now access a further $10,000 until 31 December 2020.

This change does not impact eligible temporary visa holders who were only able to apply for a single release of $10,000 before 1 July 2020.

More details on the scheme, the eligibility criteria, and Australian Taxation Office requirements are on our dedicated Temporary early access to super webpage.