If your employment or work hours have been affected by the coronavirus you may be eligible to access up to $10,000 of your super in the 2019-20 financial year and a further $10,000 in the 2020-21 financial year.
This is a temporary measure introduced by the Australian Government on 22 March 2020 as part of its economic reponse to the coronavirus. You can view more information on the initiative and other non-super support measures for individuals and households on The Treasury website.
While superannuation’s primary purpose is to help you save for retirement, the Government recognises that if you are significantly financially affected by the coronavirus, accessing some of your super today may outweigh the benefits of maintaining those savings until retirement.
This initiative is in addition to the current rules around accessing super, including for financial hardship or compassionate grounds. The money you access through this initiative won’t be taxed or affect Centrelink or Veterans’ Affairs payments.
Beware of scammers
There are a number of scams where people impersonate the ATO to try to steal your personal information – like your super and bank account details.
If you receive a phone call, text message or email offering to help release your super early, do not provide your personal information or click on any links.
When can you apply?
If you’re eligible, you can apply to access up to $10,000 of your super for the 2019/20 financial year from 20 April 2020. Applications will close 30 June 2020.
You will also be able to apply for a further $10,000 for the 2020/21 financial year from 1 July to 31 December 2020.
Processing of payments over the holiday period
Applications for early release close at 11.59pm 31 December 2020.
To receive your payment before Christmas, the ATO has advised that your application must be submitted via MyGov before 11 December 2020. However, if additional information is required, this may affect the processing and timing of your payment.
Applications submitted after 21 December 2020 may not be processed by the ATO until the week beginning 4 January 2021. If your application is approved, the ATO will notify us from 4 January 2021, and we’ll generally process payments within five working days.
When will you receive your payment?
- The ATO will process your application. This may take up to four business days
- Once your application is approved, the ATO will pass your information on to Qantas Super
- We’ll process your payment within five business days, but this may take longer if we need to confirm your details or if fraud is suspected
- We’ll make the payment to your nominated account. Depending on your bank or credit union, it may take 2-3 days for the payment to appear
Who is eligible?
To apply for early release you must satisfy one or more of the following requirements:
On or after 1 January 2020:
- you were made redundant; or
- your working hours were reduced by 20 per cent or more; or
- if you are a sole trader — your business was suspended or there was a reduction in your turnover of 20 per cent or more
- You are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance
- You are unemployed
What does getting early access mean for my super?
How will the payment be made for members with a defined benefit?
An example of how early release of your super works
Cara is a Flight Attendant and as a result of the coronavirus has been temporarily stood down from work. As Cara’s working hours have dropped by more than 20 per cent, compared to her average hours per week in the second half of 2019, Cara decides to apply for early release of $7,000 of her super in May 2020. Cara could have applied for up to $10,000, but chose not to.
Cara cannot seek any further early release of super during the 2019-20 financial year on the grounds she has been affected by the adverse economic effects of the coronavirus. However, Cara finds that after 1 July 2020 her hours continue to be reduced by more than 20 per cent compared to the second half of 2019 and decides to make a second application for the 2020-21 financial year. Cara’s second application is for the full amount of $10,000.
For each application, the ATO approves Cara’s early release. Cara’s payments will not be taxed and she is free to spend the money on anything she chooses.
Other measures you may be able to access
The Qantas Group is enabling employees who have been stood down to take their entitlement to any paid annual leave and long service leave during their stand down period. The Group is also working with a number of organisations to develop Secondary Employment Opportunities for staff.
The Federal Government has also announced a number of income support measures to help Australians whose employment has been affected by the coronavirus. You may be eligible to access:
JobKeeper Payment
Qantas Group has signed up to the Government’s wage subsidy program, Jobkeeper.
The company will make JobKeeper payments from mid-April, backdated to 30 March, to Australia-based Qantas Group employees whose employment has been affected. You can learn more about the payments via the Qantas Group Q & A.
JobSeeker Payment and coronavirus supplement
The Government has expanded the eligibility criteria for income support payments such as the JobSeeker Payment, to support Australians whose employment has been affected as a result of the pandemic.
In addition to an income support payment, Australians will also receive a new ‘time-limited’ coronavirus supplement payment. This supplement will be $550 per fortnight and will be paid from 27 April for the next six months.
You can apply for the JobSeeker Payment online.
How to apply
You can apply directly to the Australian Tax Office (ATO) through the myGov website.
The ATO will ask you to certify that you’re eligible to access your super early.
You will then be asked to review a list of any open super accounts you have, and the last balance reported. In most cases, that will be 30 June 2019.
You will then be able to input the amount you would like to release from your account, up to $10,000. The ATO will also ask you to input the bank account details that you would like your money paid into, and authorise the ATO to provide this information to us.
After the ATO has processed your application, they will issue you with a determination and provide Qantas Super with a copy of the determination. This will advise us to release your payment.
Beware of scammers
There are a number of scams where people impersonate the ATO to try to steal your personal information – like your super and bank account details. If you receive a phone call, text message or email offering to help release your super early, do not provide your personal information or click on any links.
Frequently Asked Questions
We're here to help
If you have any questions about your super, we’re here to help. You can give our friendly helpline a call or book a phone appointment with a Super Adviser at no additional cost.