Early access to retirement savings should only occur under extreme circumstances
At first glance, accessing early release superannuation may seem convenient. But it risks undermining your planned retirement income and should only be a last resort.
The Federal Government recently announced it would allow those whose employment has been affected by COVID-19 to access some of their superannuation balances early.
Under the new rules, workers whose income is reduced by at least 20% or those who have lost thier job due to the COVID-19 outbreak can access up to $20,000 of their super.
|
That first $10,000 is available between mid-April and 30 June 2020, and the second $10,000 is available after 1 July 2020 for around three months. |
ACA has received numerous questions from our members about how the new ECEC Relief Package applies to a multitude of difference circumstances across our sector.
The following Q&A's have been developed in response to these specific questions, to assist service providers in navigating their way through the new financial measures over the coming weeks and months.
ACA continues to receive queries from our members about the latest changes to the JobKeeper Payment package.
The Australian Tax Office has recently provided a new webpage on the JobKeeper Payment here.
On Thursday 2nd April the Prime Minister announced an Early Childhood Education & Care Relief Package, aimed at allowing struggling service providers to keep their doors open, especially to vulnerable children and those parents who need to keep working, particularly those on the healthcare frontline.