A guide for temporary visa holders<\/strong><\/p>\n As a temporary visa holder who\u2019s lost work due to the COVID-19 crisis, your only source of support may be to access your Australian superannuation early.<\/p>\n The Australian Government announced that temporary residents who meet certain criteria may be able to access up to $10,000 of their super fund so we’ve put together a short guide about who’s eligible, how much you can access and how long it will take to receive funds.<\/p>\n Who is eligible?<\/strong><\/p>\n Temporary residents must be in one of the following circumstances in order to be eligible for early release of their super:<\/p>\n You do not need to submit evidence with your application but you should keep records and documents to confirm your eligibility and you may be asked for this information at some point.<\/p>\n Accessing your super<\/strong><\/p>\n Temporary visa holders can only submit one application for COVID-19 early release of super between 20 April and 30 June 2020. Australian and New Zealand citizens and permanent residents can make one other application in the next financial year between 1 July and 24 September 2020.<\/p>\n Before you apply there are a few things you need to have set up:<\/p>\n And it’s important to note that you are able to apply for COIVD-19 early release if you have previously accessed your super early in other circumstances.<\/p>\n You can apply for up to $10,000 from your super and if you apply for an amount greater than your actual balance, your fund will only release the amount available (up to $10,000).<\/p>\n If you have a state-administered fund or you\u2019re a member of an exempt public sector super scheme (EPSSS) you will need to confirm whether they\u2019re allowed to release super due to COVID-19 before you submit an application.<\/p>\n If you have an ATO-held super it cannot be accessed directly from the ATO for a COVID-19 early release, you will need to transfer it to your super fund before you can apply for COVID-19 early release of super. You can do this through myGov.<\/p>\n What\u2019s next?<\/strong><\/p>\n You\u2019ll receive a response to your application in 4 days into your myGov inbox, and if you\u2019ve signed up to it you\u2019ll also receive an SMS notification.<\/p>\n If your application is approved and you have an\u00a0Australia Prudential Regulation Authority (APRA) fund<\/strong>\u00a0you do not need to do anything, your fund will make the payment to you. Payment is expected to be made to members within 5 business days once their application is approved.<\/p>\n If you have a\u00a0state-administered fund<\/strong>\u00a0they need to follow the rules of their trust deed to determine if they\u2019re allowed to release super due to COVID-19. You will need to get confirmation from your fund before you submit an application that they can release your super early and whether they require a letter of approval (determination) from the ATO.<\/p>\n If your fund is an\u00a0SMSF<\/strong>\u00a0you will need to let them know that you have received the letter of approval from us so they can make payment to you.<\/p>\n Further support<\/strong><\/p>\n Is you need more help you can get in touch with us at\u00a0aisupport@absoluteimmigration.com<\/a>\u00a0or contact the\u00a0ATO directly<\/a><\/p>\n Join our live webinar<\/strong><\/p>\n\n
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