Due to the increasing financial strain which COVID-19 restrictions have placed on many individuals, from April 20th some of you will be eligible to withdraw up to $10,000 from your superannuation.
We understand that there are many migrants in Australia who are currently stuck between a rock and a hard place when it comes to their visa status, job status, financial status and any abilities to be able to leave Australia. We know this option will be extremely helpful.
You may be able to access up to $10,000 between now and July, and then another $10,000 after July.
There are restrictions on who will be eligible. Permanent residents and citizens of both Australia and New Zealand have different eligibility criteria to temporary residents. This criteria can be found here.
For temporary residents, you must meet one of the following criteria to be eligible:
- You hold a student visa that you have held for 12 months or more and you are unable to meet immediate living expenses.
- You are a temporary skilled work visa holder, your working hours have reduced to zero and you remain engaged with your employer.
- You are a temporary resident visa holder (excluding student or skilled worker visas) and you cannot meet immediate living expenses.
From April 20th, you will be able to apply via the MyGov website.
Initially, you will not be required to present evidence of your circumstances but it is strongly advised that you assess your situation truthfully and accurately as the government could ask for proof at any time.
What you will need in order to access your super
- Make sure you have set up a MyGov account
- Have your bank account details
- Have checked your current superannuation balance
Make sure that you are clear on all your details as you will only be able to submit one application for this financial year, and one for the following.
You will also be able to request super from multiple super accounts (if you have them), you will be able to do this from within the application.
How long will it take?
You will receive a letter of approval into your MyGov account within 2-3 business days. If you have been approved, your money will then be deposited straight into your bank account directly from your superfund.
If you are looking for further information regarding accessing your super, you will be able to find this on the ATO website here.