16th December 2020   |   SMSF

Superannuation

Time is running out, if you’ve been financially affected by COVID-19, be aware that applications for early release of super close on 31 December 2020. If you haven’t already applied (but had planned to!) now’s the time to get online and check you’re eligibility. As long as your application is received before the closing date, your super fund can process your request and make the payment. Find out more at: ATO

Eligible citizens and permanent residents of Australia or New Zealand can apply once in the 2020–21 financial year to access up to $10,000 of their super. If you’re eligible and need to access your super early, you will need to submit a new application this financial year, even if you applied last financial year.

Temporary residents are not eligible to apply in the 2020–21 financial year.

You will not need to pay tax on amounts released under COVID-19 early release of super and will not need to include these amounts in your tax return. Amounts released under other compassionate grounds must be included.

While everyone is trying to get their hands on their superannuation, we help our clients make better use of their retirement savings.

If you want to get the most benefits from your super funds, call us now on: 03 9995 7261 

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