Superannuation fund members must generally wait until they reach their retirement age to access their super. There are some exceptions to this rule, but a full super benefit is only paid where a member satisfies one of the following grounds:
Members can also obtain a limited amount of benefits on the following grounds. However, eligibility is severely restricted:
COVID-19 early release of super
In recognition of the disruption COVID-19 pandemic has caused to people’s lives, the government has introduced special measures for members to access up to $10,000 for 2019-2020 and another $10,000 in 2020–21 from their superannuation.
In order to be eligible for the special measure the member:
Don’t get caught in Superannuation tax avoidance schemes
ATO is acutely aware of claims and schemes designed to exploit the super system. To ensure integrity and compliance, the ATO is actively using multiple data sources and many other tools at its disposal to constantly weed out ineligible and false claims, tax avoidance schemes etc.
Therefore, when applying under the COVID-19 early release of super benefit (or any other permitted circumstance), even greater scrutiny of the claim application by the ATO is to expected.
How can Waterhouse Lawyers help you?
Our team is experienced in liaising with the ATO and understands the superannuation system. If you are considering early access of your super, received an audit or preliminary enquiry from the ATO or are concerned about a scheme, please contact us on 02 9252 8746 or email@example.com. We are able to help you through the difficult process.