In order to gain access to your super under the special COVID-19 provisions, you will need to meet one of the below requirements:
You are unemployed, or
You’re eligible to receive a job seeker payment, youth allowance for job seekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance, or
On or after 1 January 2020:
You were made redundant; or
Your working hours were reduced by 20 per cent or more; or
If you’re a sole trader—your business was suspended or there was a reduction in your turnover of 20 per cent or more.
You will also need to have accumulation-style super. Early releases cannot usually be made from defined benefit super.
Everyone’s situation and circumstances are different, so it’s important to consider the long-term implications on your retirement savings and what it might mean for you.
Speaking to a financial advisor may help you make an informed decision.
Please note there may be insurance implications if you choose to take money out of your super. For more information click here.