COVID-19 Early Release

6 Apr 2020

Written by

David Busoli, Principal

The ATO have released CRT Alert 004/2020 which contains the manner in which early superannuation release is to be implemented.

Applications will be available from Monday 20 April from either the myGov site or phone. The member will need to provide;

  • a list of open superannuation accounts they have and the last account balance reported for that account
  • the amount they would like to release from each account (there are no limitations on what the individual can input only that in total the amount can’t exceed $10,000)
  • the bank account details (account name, BSB and number) they would like the money paid into
  • authorisation to the ATO to provide it to the super fund and that the super fund release the money into that account.

Keeping you up-to-date with what you need to know about SMSFs. Subscribe to get our updates delivered straight to your inbox.

More SMSF News

Child Pensions

A child, under the age of 18, may become a recipient of a death benefit pension from a deceased parent. It may...

read more