2. There's other support available
- Government assistance - for individuals and households.
- Financial assistance - useful tools and resources to help manage your money and future.
- Financial counselling – a free, independent and confidential service if you’re worried about bills or debts.
- Your bank – some banks are offering deferred payments of credit cards and loans.
- Your landlord – refer to tenancy boards for information on rental relief and your rights.
3. The impact on your insurance
Your cover may be cancelled if there isn’t enough money in your account to pay for fees and premiums. You also won’t be able to claim for any events that occur after your cover is cancelled. Once its cancelled, and you’d like cover in the future, you’ll need to apply and provide health evidence.
Check how much your insurance is costing you via MemberAccess or what you’re covered for via the Rest App.
For more information, refer to your Insurance Guide:
4. Other ways you can limit the impact of Covid-19
- Review your investment options - Check your investment risk profile with our self-service online tool, to see what option may be right for you.
- Save on multiple fees and insurance costs by combining your super into one account, check how this might affect your insurance, benefits and other fees involved before consolidating.
- Get advice – a chat with a Rest Adviser* can help.
Disclaimer: *Rest financial advice is provided by Rest Advisers as authorised representatives of Link Advice Pty Limited AFS Licence 258145 ABN 36 105 811 836.
Am I eligible?
To be eligible for early release, you must satisfy one or more of the following:
- be unemployed; or
- be eligible to receive a job seeker payment, youth allowance for jobseekers (unless you are undertaking full-time study or are a new apprentice), parenting payment (which includes the single and partnered payments), special benefit or farm household allowance; or
- on or after 1 January 2020:
- you were made redundant; or
- your working hours were reduced by 20% or more (including to zero); or
- if you’re a sole trader — your business was suspended or there was a reduction in your turnover of 20% or more.
If you’re temporary resident on a student or working visa, you were only able to access up to $10,000 in superannuation in the 2019-20 financial year. You will not be able to apply for access for a second amount in the 2020-21 financial year.
There is no age limit on eligibility.
People withdrawing super will not need to pay tax on amounts released, and the money withdrawn will not affect Centrelink or Veterans’ Affairs payments.
The ATO advises you should keep all evidence of your eligibility, as they may apply checks and penalties at a later date for false declarations.
The ATO has more information about eligibility online.