Superannuation: How can I early access my super?

Understand more about who has the right to access Superannuation

There are more than 500,000 international students in Australia and we all know the impacts that this crisis is having in our lives. At the same time, we urge for better days to come soon.

While we face this moment together, there are some updates and important information to be shared. Last week, the Australian government made an announcement that was extremely important to international students: the approval of early access to your Superannuation. 💰

Below, you can find useful tips and information about it.

 

SUPERANNUATION

Superannuation is a compulsory system of placing a minimum percentage of your income into a fund to support your financial needs in retirement. The Superannuation Guarantee rate is 9,5% of your earnings and the employer is responsible for making the payment into a super fund on your behalf. The payment of the rate can be either monthly or quarterly, depending on the employer. This information can be checked directly with your employer.

Also, if you have had more than one job, there are high chances that you have multiple Superannuation accounts and don’t even know. So, this is the time to consolidate all of your Superannuation accounts in order to save on fees and manage your money. To move all your super into one account, you just need to use the myGov website.

Last week, Prime Minister Scott Morrison declared that “it was a requirement for students who come to Australia to be able to support themselves in their first 12 months of their study.”

Given the current situation, the Australian government has recently announced that “students who have been here longer than 12 months who find themselves in financial hardship will be able to access their Australian superannuation”.

Those who are holding a Temporary Skilled visa, will also be able to access up to $10,000 of their superannuation this financial year, which ends on June 30th.

You will be able to apply for the early release of your superannuation from 20 April 2020. If you have been financially affected by Coronavirus, for example, if you are unemployed or your working hours were reduced by 20% or more, you are considered eligible to early access your Superannuation.

You will not be required to attach evidence to support your application. However, you should retain records and documents to confirm your eligibility.

To know more, click here.

To access your details and express your interest in early access to your Superannuation, you need to follow these steps:

1- Log in your myGov account.

 

2- On the first page, you will see a message written: “intention to access coronavirus support”. Click on Continue.

 

 

3- On the next page, click on the message “Register interest in early access to your super”.

 

 

4- Check if your personal information is correct and updated. Then tick to share these details with the Australian Taxation Office (ATO) so they can inform you when the application form will be available. Click on Continue.

 

 

5- Done! Now you just need to wait for the form (this may take a while considering the number of people applying at the moment).

 

 

Important reminder: If you receive a phone call, text message or email offering to help you release your super early, do not provide your personal information or click on any links because it might be a scam.

Also, if you have more doubts or needs, we recommend you contact an accountant. Cope Accountants and Business Advisors provides an excellent service and can help you to make your financial decisions.

We will keep you updated on any other news.

 

 

*All the information on this post is subject to change.

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