penalties for accessing super early covid

If your hours have dropped by less than 20% but your wages have dropped by 20% or more e.g. –    your business was suspended or there was a reduction in your turnover of 20% or more, if you are a sole trader.

As noted above, if you are applying to the ATO for early access to your super for the second time, the balance you see in myGov will also not reflect the payment we made to you earlier this year. For most workers, means the ATO could claw back more than $3,000 from a $10,000 withdrawal.

07:56 PM, on You may wish to review these. The balance you see in myGov is based on the last time we reported to the ATO (which could be up to 12 months ago). on If your hours have dropped by less than 20% but your wages have dropped by 20% or more e.g.

We support local causes that help improve the lives of many Australians and our communities. You can see your current account balance in Member Online and you should use this amount as a guide to how much you can request to withdraw when you complete the application in myGov.

12:28 PM, on My working hours were cut more than 20% for 14 days due to mandatory self-isolation post overseas travel. Are you eligible for early access to your super? Find out more from the ATO.

I cannot seem to find where it goes into detail about getting early access to super based on the eligibility criteria of being unemployed.

–    your working hours were reduced by 20% or more COVID-19 early access to super is not available to temporary residents for the 2020-21 financial year. Systems to facilitate the payments e.g. If you are eligible, you were able to withdraw up to $10,000 in 2019-20.

‎24 March 2020 The ATO may take action if you apply and you're not eligible. It is important to note, you cannot apply through Sunsuper directly. The ATO will commence investigations into Australians who withdrew up to $10,000 of their superannuation despite being ineligible for the scheme.

To help you with early access to your super, below are the steps in the myGov process. You should consider whether you need to seek financial advice before submitting your application for early release of super. If eligible, you can apply through myGov online to access up to $10,000 of your superannuation until 30 June 2020, and a further $10,000 from 1 July 2020 to 24 September 2020. If neither of these reasons explain why the amount we paid to you is less than you expected, please call us on 13 11 84. Please contact us if you'd like to discuss anything further. ‎22 March 2020 When we receive the returned payment, we will process it to your correct bank account as quickly as possible.

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