Accountplan Update – Coronavirus Super Withdrawal
The ATO has confirmed that applications to access super under the new compassionate ground – coronavirus condition of release can be made from 20 April 2020.
Applications will be able to be made:
- Via MyGov, or
- By phoning the ATO for those unable to access online services.
Applicants will need to certify eligibility and will be provided information about the implications of making false declarations.
The individual will be able to nominate to make withdrawals from any or all of their open accounts, provided that the total amount to be withdrawn doesn’t exceed $10,000 per financial year. The ATO will be providing a list of the applicant’s superannuation accounts. However, the account balance shown will be as at 30 June 2019 and therefore not reflect more recent market movements.
Bank details will also be provided during the application process and passed on by the ATO to the super fund, eliminating any need for the individual themselves to provide this information to the super fund.
The ATO anticipates that it will take 1-2 days for a fund to receive electronic notifications in relation to amounts to be released. This means that funds may start to receive notifications as early as 21 April 2020. There is an expectation that funds act to release the specified amounts to members as soon as possible.
As always if you or your business are experiencing financial stress please know that we are here to help guide you through some of the options that may be available to you – including those outlined above.