If you are financially affected by the Coronavirus, you can access up to $10,000 of your superannuation early. Eligible individuals can apply online via myGov to access superannuation before 1 July 2020.
You will also be able to access up to a further $10,000 from 1 July 2020 until 24 September 2020. There is no tax payable on superannuation released under this temporary arrangement and Centrelink or Veterans’ Affairs payments will not be affected.
Leonie is in her mid-30s with two dependent children aged 10 and 12.
She was working as a telephone consultant for a travel agency but the Coronavirus economic downturn caused the travel agency to close for a six months. Leonie’s hours were reduced to zero.
Leonie is eligible to apply for JobSeeker Payment and the Coronavirus supplement under the new streamlined process.
She can apply on-line and make a declaration about her identity, residency status, income and that she has had her hours reduced to zero because of Coronavirus.
Leonie is eligible for JobSeeker Payment and will receive $1,171.50 per fortnight, comprising:
- JobSeeker Payment single, with dependent child rate of $612.00 per fortnight; plus
- Energy Supplement of $9.50 per fortnight; plus
- Coronavirus supplement of $550 per fortnight
- Leonie will also receive $483 a fortnight under the Family Tax Benefit Part A and Part B.
Leonie is job ready because she only recently left employment.
An employment service provider will look to match Leonie’s skills with available opportunities (for example, in another call centre) as her skills can apply across other industries.