Adviser Update

Coronavirus financial hardship early release now available

As we all adjust to the new world of WFH, the market makes an attempt at redeeming itself and some parents put on their best teacher impression; the first of the government’s financial relief initiatives comes into play.

The government has reported a staggering 881,000 registrations of interest under the new Coronavirus financial hardship rules for early release of superannuation as at late last week. Those who’re eligible to apply for access to $10,000 of their Superannuation balance this financial year are now able to do so via their personal MyGov accounts.

The ATO have put together a helpful guide on the Coronavirus early release eligibility, application and security controls that you may wish to share with your clients.

More information regarding the COVID-19 early access to superannuation eligibility is available on the AMG Super website here.

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