Early Access to Superannuation

The scheme allowing early release of superannuation due to COVID-19 has driven net superannuation contributions negative for the first time. According to APRA, quarterly net superannuation contributions – super contributions less benefits paid – have gone negative for the “first time since compulsory superannuation was introduced”. For the June 2020 quarter net super contributions were …

Net superannuation contributions go negative for first time Read More »

The Government intends to give people impacted by COVID-19 an extra three months to apply to access a second tranche of their superannuation. As part of the COVID-19 response, the Government expanded the early access to superannuation rules to allow people who met certain conditions to withdraw up to $10,000 of their super in 2019/20, …

Government to extend COVID-19 early access to super deadline Read More »

ASIC has announced temporary relief from some of the financial advice rules, to improve the ability of consumers to get affordable and timely advice about early access to their superannuation. The Government expanded the early access to superannuation financial hardship rules as part of the COVID-19 response. This means more people will be able to …

Temporary relief from advice rules for early access to super Read More »

The Department of Human Services (DHS) has reported a continuing increase in applications for early release of superannuation. The DHS received 19,286 applications for early release of super in 2013/14, up 7% from the previous year and 18.1% over 2009/10. These figures are contained in the DHS annual report for 2013/14. However approved applications for early release of …

More people applying to DHS for early release of super Read More »