COVID-19 early release of superannuation

Need a financial breather?

Find out about the COVID-19 early release of super…

COVID-19 has not been kind to many of us and sometimes all you need is the chance to get on top of those piling up bills!

The NSW Government’s early superannuation release scheme allows eligible citizens and permanent residents to withdraw up to $10,000 of their super once in the financial year. You can only apply once, which means even if you request to withdraw less than $10,000, you can apply again for the rest of it. The amount will not be included in your tax return and you will not need to pay tax on it either.

Applications are now closed for financial year 2019-20 but you can still apply for 2020-21. Applications for 2020-21 financial year were intended to close 24 September 2020, but the government has extended this date to 31 December 2020.

You can find out about your eligibility, implications for accessing your super early, tips for applying, information before and after you apply, support and scam risks to watch out for on the NSW Government COVID-19 early release of super site.

If you are experiencing hardship, be sure to visit the NSW Government’s Support for difficult times site too. You can also call the Emergency Support Infoline on 1800 806 218.

Making the decision to withdraw your super early is a big one and there are times when it’s the right thing to do. But before you make the decision to withdraw your super, have a look at the moneysmart guide to help you decide if its the right move for you.