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Government announces extension to early access to super scheme
As part of its economic and fiscal update, the government has announced it will look to extend the time individuals have to apply for the early release of their superannuation, with some Australians still financially impacted by the COVID-19 pandemic.
In a pre-budget economic update, the Treasury stated that the government would be extending and further targeting temporary economic measures to support sectors, regions and communities that continue to face challenges with COVID-19.
“The government has taken decisive action to support Australian households and businesses in dealing with the impacts of the COVID-19 pandemic. The government is providing timely economic support with $289 billion in fiscal and balance sheet measures, equivalent to around 14.6 per cent of GDP,” the update stated.
As previously announced, the government said it would extend the JobKeeper payment at a tapered level for an additional six months, from 28 September 2020 until 28 March 2021, to provide further support to those businesses that continue to be significantly affected by the economic downturn. Income support for individuals will also continue with the Coronavirus Supplement being extended to 31 December 2020, at a lower payment rate.
Individuals who are still financially impacted by the COVID-19 pandemic, it said, will also have more time to apply for the early release of up to $10,000 of superannuation, with the application period extended from 24 September to 31 December 2020.
The government is also extending the COVID-19 SME Guarantee Scheme to loans written until 30 June 2021, and making targeted amendments to ensure that the loans available suit the evolving needs of SMEs.
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
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