How long will it take to get my early release COVID-19 payment?
It can take up to 15 business days to receive your superannuation funds from the time you make your application. The steps and timeline for processing your payment is as follows:
- The Australian Taxation Office (ATO) can take up to 5 business days to process and approve your request after you submit your application via your myGov account.
- Once approved by the ATO, they will notify us to process your payment and this can take up to 5 business days.
- The final step, payment into your bank account, can then take 3 to 5 business days, depending on the receiving bank.
What steps do I need to take to withdraw funds?
1.Set up your myGov account here and check your eligibility.
2. Check the balance of your superannuation account in myGov
Confirm your super fund balance, and whether you have insurance that might require payment from your super balance. For the 2020 – 2021 financial year, if you are eligible, you may be able to withdraw up to $10,000 or the total balance of your account if it is less than $10 000. Please take into consideration any impact the withdrawal will have on any existing insurance payments.
Applications to withdraw funds under the Early Release Scheme open from 1 July 2020 and close 24 September 2020.
3. Submit your application with the Australian Tax Office (ATO)
Your application must be submitted through the ATO online services via myGov. If approved, the ATO will notify you via your myGov account and then notify us to begin processing your withdrawal. This step takes the ATO up to 5 business days from when you submit your application.
Please note that you cannot apply through your Superannuation Fund.
4. Your payment is automatically deposited into your bank account
If the ATO approves your COVID-19 early release application, there is no need to contact us. We will process your payment within 5 business days from being notified. We will then send the funds via EFT to the bank account you specified in your myGov application.
Please note – the funds will be available in your bank account in 3 to 5 business days after we have processed your payment.
What do I do if I cannot see my super in myGov account?
Firstly, if you can’t see your super via myGov, check that your date of birth and your tax file number are correctly recorded by both myGov and then with us, your super fund.
Secondly, you should check your member Online Portal here to confirm your details and balance.
Need more help?
- There is support and services available to help you. Do you want to know more about the options available to you under the Australian Government’s early release of super? A COVID-19 making financial decisions resource can be found here.
- To set up your myGov account go here.
- More detailed information on the early release scheme can be found at the ATO website here.