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COVID-19 and Early Release of Super Payments

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:

  1. 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.
  2. Once approved by the ATO, they will notify us to process your payment and this can take up to 5 business days.
  3. 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. 
Smartsave Employer Super and Smartsave Personal Choice and Smart Pensions are part of the Smartsave Member’s Choice Superannuation Master Plan ABN 43 905 581 638 RSE R1001341 (Fund). Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153. RSE Licence L0000635 (Trustee) is the Trustee of the Fund and the product issuer. The information in this document has been prepared by OneVue Wealth Services Ltd ABN 70 120 380 627 AFSL 308868 as the Fund Promoter. It is intended to provide you with general information only and does not take into account your personal objectives, financial situation or needs. Before making any financial decisions about Smartsave Employer Super and Smartsave Personal Choice & Smart Pensions, it is important that you read the current product disclosure statement (PDS) relevant to your membership and consider your particular circumstances and whether the particular financial product is right for you. The current PDS for each product is available on smartsavesuper.com.au. You should consult a financial adviser if you require personal advice.
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Update to Members – Early release from super

What if I’ve become impacted by COVID-19 and still want to access my super?

While the ATO commenced processing applications on 20 April, 2020, you can still apply through the ATO online services in MyGov.

Eligible Australian Citizens and permanent residents and temporary residents are able to apply to access up to $10,000 up until 30 June 2020.

A further $10,000 can be applied for by eligible Australian Citizens and permanent residents up until 24
September 2020.

Taxation will not be deducted from the payment, nor will you need to include the amount in your taxation return.

Click here to continue reading the article.  

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Am I prepared for the end of the financial year?

We’ve put together a series of tips to ensure you’re ready to make the most of tax time.

With June 30 fast approaching, getting ready for the end of the financial year might seem daunting –
especially given the upheaval that’s happened over the past few months due to COVID-19.

We understand this is a stressful time, which is why we’ve prepared some helpful suggestions to help
you get on track.

Read through the below, and if you have any further queries, please don’t hesitate to
contact us.

Click here to continue reading the article. 

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Member Update: Super Early Release changes start Monday, 20 April

From Monday 20th April, the changes to early release of super will become available and this will see a dramatic increase in requests to the fund administration teams. Please see the below to understand how this may impact you and our ability to provide you with customer support in a timely fashion.

What is happening?

We are expecting a higher than usual level of activity in relation to COVID-19 early release payments.

What are we doing?

Our technology team has been working to be able to efficiently process the COVID-19 early release payment.

We are planning for the increase in requests by increasing the cash level of the Investment Options, making it faster for us to make payments. Over the next few weeks, we will be closely monitoring the cash levels of each investment option to keep us in the best position to make payments as quickly as practicable to members who are in need.

While we have planned and are using our best efforts, we cannot guarantee the payments will be made instantly as we will be managing the demand with the need to keep your super money invested where you have chosen. We ask in advance if there are delays for your patience.

UPDATE: Government changes to Pension Minimum Payment

In relation to changes made to superannuation as part of the Coronavirus Economic Response Package Omnibus Bill 2020, the measures impacting Superannuation Drawdowns or pension payments can now be instructed online in the member Super Tab.

A new option has been added that is “Minimum Income Stream – 50% Reduction”. This can be selected to opt for the halved pension minimum now available. This option will be available for the remainder of FY19/20 and for FY 20/21.

Changes submitted will take effect from the May Pension Payment.

To view the full changes on the platform, click here.

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Market Volatility and Your Super

Market volatility is a normal part of investing for the long-term, and it is important to remember this when it comes to your superannuation as the world navigates the implications of coronavirus (COVID-19).

Your super portfolio has been designed with market volatility a key consideration, and we attempt to manage times such as we are currently facing with diversified investment options. A well-diversified portfolio means having your super invested in a range of different types of investments, which is designed to help smooth the ups and downs that may be experienced by any one type of investment, and allow your super to keep performing over the long-term.

While it may be tempting to change your strategy to one with a lower risk profile when markets are falling, in the long-term it can make more sense to stay invested where you are. By changing to a lower risk option during a market decline, you risk selling at a time when prices are low, and missing the potential advantage of falls when markets eventually recover. It is important to keep perspective and remember that the current market falls follow a sustained period of positive returns, and the longer-term performance of your super investment options must be kept front of mind.

Governments, central banks and health organisations across the world are working to limit the impact of COVID-19 and protect and stimulate markets and economies. Philip Lowe, Governor of the RBA, has stated that once containment of COVID-19 is achieved, the Australian economy is expected to return to “an improving trend.” So while we are seeing a great deal of volatility and overall negative returns in the past month, history has shown that every economic crisis and every recession comes to an end (as seen in the chart below displaying the ASX All Ordinaries Index since 1900). We can’t predict when the coronavirus outbreak will end, but we know that like outbreaks in the past, it is highly likely that this crisis will too.

 

Market volatility

While we recommend you keep the above in mind when deciding on the positioning of your superannuation portfolio, should you decide to change your investment option, we have a range of investment options available to cater to your risk appetite.

Find out more here.