Have you been affected by COVID-19? Have you heard the government announcements regarding providing access to your superannuation during the coronavirus crisis? Continue reading to find out all the details on what these announcements mean, and how you can take advanage of them to withdraw your super from Ultimate Super.
COVID-19 Superannuation Withdrawl Process
The details of how to withdraw your superannuation during the COVID-19 / coronavirus pandemic are subject to frequent changes, but below you will all the latest details. Just note, as things are changing quickly, please keep your eyes and ears open for new details / announcements.
Steps for withdrawing super from Ultimate Super during the COVID-19 / Coronavirus Crisis
- Determine if you are eligible to withdraw your superannuation.
- Register your interest to withdraw superannuation
- Complete superannuation withdrawl forms for
Step 1: Determine if you are eligible to withdraw your Super
Are you eligible to withdraw your superannuation?
NOTE! Even if you are ineligible, but you are still interested in withdrawing your super, continue reading and following these steps regardless. The eligibility and process for superannuation withdrawls during COVID-19 / coronavirus are frequently changing as the situation develops. Each government announcement changes eligibility and updates the process through which withdrawls are being managed. If you're ineligible today, you may become eligible tomorrow, and vice versa. So complete the process as it exists today, and continue completing your obligations as the process changes.
COVID-19 Withdraw Superannuation Eligibility Criteria
To be eligible to withdraw a portion of your superannuation during the COVID-19 / coronavirus crisis you must satisfy at least one (one or more) of the following criteria.
COVID-19 Super Withdraw Requirements:
- You must be unemployed
- You must be eligible to receive one of the following centrelink payments:
- Job Seeker
- Youth Allowance for Job Seekers
- Parenting Payment (which includes single and partnered payments)
- Special Benefit Payments
- Farm Household Allowance Payments
- From 1st January 2020 onwards, you were employed, and you were made redundant
- From 1st January 2020 onwards, you were employed, and your working hours were reduced by 20% of more
- From 1st January 2020 onwards, you were registered as a sole trader, and your business was closed, or suspended, or there was a reduction in your turnover of more than 20%.
Step 2: Register your interest to withdraw from Superannuation
Register your interest in making an early withdrawl from your superannuation via the MyGov website. This step is not required, but is highly suggested. After registering your interest, you will receive notifications regarding further steps required to withdraw your super and changes to process for withdrawing your super.
If you do not have a MyGov account, you will need to create on in order to register your interest in withdrawing your superannuation. MyGov accounts can be created via the MyGov website, visit this page to begin the process of creating your MyGov account.
Once you have created an account, or logged in with your existing account, you will see the following screen.
The banner notification at the top of your MyGov account request you to provide your intention to access coronavirus support. Both your centrelink claims & superannuation withdrawl are combined in this notification, on the following screen you with specify which claim you are requesting (or both). The notification states that your intention to withdraw super will be lodged with the Australian Tax Office (ATO). Click continue to reach the next screen.
The following screen provides some more in depth information regarding coronavirus support. This guide will not be focused on the centrelink portion of this support, but if you are eligible, or requiring of this support, there is no harm in making that request as well. Regarding the superannuation portion, you will be registering your interest for early access of your superannuation (withdrawing a portion of your superannuation). Note, you are registering your interest, no funds will be withdrawn at this stage. If you are unsure if you will be making a withdrawl, you can still register your interest and later decline to withdraw any of your super.
The page has details regarding eligibility criteria for accessing your super. This criteria is subject to change without notice, so even if you are currently ineligible, you could still register to receive the notification. If you are deemed ineligible, you will not be able to withdraw your super, but at this stage, there is no harm in applying to be notified.
The ATO (Australian Tax Office) will create an application form through which you can withdraw your super. You are currently registering your interest with the ATO, who will then notify you when this application form is available and the next steps required to complete your withdrawl with Ultimate Super.
The next step shows what details of yours which will be provided to the ATO (Australian Tax Office. You are requested to consent to provide these details to the ATO, and to receiving notificaions via email or sms. By consenting you will be providing your name, phone number, email & date of birth to the ATO.
If any of these details are incorrect, you need to update them before you submit the request. To update these details, visit the account settings area of myGov. Select "Update your details" to modify your email, phone number and date of birth.
Success! You've now lodged your intention to withdraw superannuation with the Australia Tax Office. The next step is for the ATO to contact you with further details regarding how to complete the withdrawl process for superannuation. When the application form for withdrawing superannuation becomes available you will be notified via email or sms (depending on which details you provided to the ATO).
There is a final warning / disclaimer from myGov regarding this message. They state "Withdrawing your superannuation may impact your insurance cover and retirement income. Consider whether you need to seek financial advice before finalising your application". The ATO / myGov will not be able to answer futher questions regarding your personal financial situation. You should seek answers to these questions from Ultimate Super, or from a financial advisor. Be aware that many superannuation funds charge fees for personal financial advice.
That's the completion of this stage of the process. You have now completed all your responsibilities in regards to receiving the notification for the super withdrawl application form. Until the application form becomes available there is nothing left to do.
Step 3: Complete superannuation withdrawl forms for Ultimate Super
Step 3 has yet to be finalised, as is subject to change. The following is based on the details that have been announced, but are subject to frequent, and likely, changes.
Applications for early release of superannuation (superannuation withdrawl) will be accepted through the MyGov website starting from April 20th 2020. If you have registered your interest to withdraw super, you will be notified when this process becomes available. Expect to be notified around, or before, the 20th of April 2020.
Step 3 has not yet been finalised for most superannuation funds. At present the government and superannuation funds are determining the level of interest in withdrawing super early. They will the use this information to determine an appropriate process for withdrawing the requested superannuation amounts. The process for each superfund will likely be different, and this guide will be updated when Ultimate Super release details regarding their process.
Inevitably this process will involve filling out a bunch of forms, which we will attempt to automate as much as possible.
Finding your superannuation fund details
During this process you will without out doubt require many of the details about your superannuation fund. You should collate and prepare these details to ensure you have them available when necessary. You can find all the details for Ultimate Super on this website. They have been conveniently collated for you, on one page, with a details explanation regarding each detail. Feel free to bookmark the page for each access, or print a copy to keep in your own records.Ultimate Super Details
Frequently Asked Questions
How much superannuation can I withdraw?
Based on the current announcements, you can withdraw up to $10,000 of your superannuation in the 2019-20 financial year, and another $10,000 in the 2020-21 financial year.
When can I access my superannuation from Ultimate Super
There are two periods in which you can access your superannuation. The first period is between now and 1st of July 2020, which falls entirely witin the 2019-21 financial year. The second period is between the 1st of July 2020 and the 24th of September 2020, which falls entirely within the 2020-21 financial year.
For more frequently asked questions about COVID-19 / Coronavirus superannuation withdraws visit our FAQ.