Early Access to Superannuation may include Temporary Visa Holders
The Australian Government has included the option of gaining temporary access to superannuation as a means of obtaining financial support during this global crisis. This early access to superannuation appears to be available to anyone that holds a superannuation account. This may include temporary visa holders such as international students and Work & Holiday Makers, that meet the eligibility criteria.
To be eligible to apply for early access to your superannuation you will need to meet one of the following criteria:
- you are unemployed; 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 are a sole trader — your business was suspended or there was a reduction in your turnover of 20 per cent or more.
How you can apply
Assuming that you are eligible to apply for early access to your superannuation, if you wish to request an early payment of your superannuation you will need to:
- Create an online MyGov Account. If you do not already have an account you can create your account here: Setting up your MyGov Account.
- Once you have set up your MyGov Account you will need to connect your account to the Australian Taxation Office (ATO).
- From 20 April 2020 you will be able to apply directly with the ATO, through your MyGov account, for early payment.
- After the ATO has processed your application, they will issue you with a determination.
- The ATO will also provide a copy of this determination to your superannuation fund, which will advise them to release your superannuation payment
- Your fund will then make the payment to you, without you needing to apply to them directly.
If you are eligible to access your superannuation you will not need to pay tax on amounts released.
Assuming that you meet the eligibility criteria and depending on the balance that you currently hold in superannuation you will be able to apply for 2 payments of up to $10,000.
- First Payment: Up to $10,000 to be applied for before 1 July 2020 –
- Second Payment: Up to $10, 000 to be applied for between 1 July 2020 and 24 September 2020.
Register with your embassy
To ensure that you are able to obtain information about any consular support that your country of origin is offering its citizens. We recommend that you register your details with your embassy. Most embassies – consular services allow you to do this on their website.
If your current visa is about to expire contact a migration agent immediately
If your current visa has expired it is critical that you immediately take the necessary steps to legalise your visa status while you, finalise immigration matters or wait for an immigration decision.
If you have an Australian visa that is about to expire, we recommend that you get in contact with our office to speak to one of our migration agents to discuss your options. Our team is still working at full capacity and remain available to assist you however possible.
To keep yourself informed of any updates to travel restrictions we recommend that you monitor the Department of Home Affairs website and the websites of your countries governments. To stay informed of any updates on current australian public health policies and restrictions refer to the website of the Australian Government Department of Health
Immigration Gurus / Ausvisto is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check whether early access to your superannuation is the right financial decision for you given your unique circumstances. Immigration Gurus / Ausvisto is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this article and website.