broken piggy bank held together with band-aids

People who have been financially impacted by COVID-19 may be able to access up to $10,000 of their superannuation early until the end of 2020. We know people with disaiblity are amongst the hardest hit financially right now. 

Things to consider

Withdrawing any amount from your super early will reduce your retirement savings and may impact insurance attached to your super account, including life insurance, income insurance and temporary or permanent disability insurance. So, it is important to consider all other financial assistance options first, including government assistance.

Read more: What you need to know about Centrelink and COVID-19

A $10,000 withdrawal now for a worker in their 20s may reduce their super balance at retirement by almost $30,000 in today’s dollars. MoneySmart has provided a Super withdrawal estimator to help you work out how withdrawing funds from your super now may affect you and your retirement plans in the future.

Before you apply you should find out

  • If you are eligible for any other financial assistance including income support payments, no or low interest free loans, food relief, bill repayment plans and pausing your loan repayments with your bank or lender.
  • What your current super balance is
  • How much your withdrawal will affect your super balance at retirement

If you are unsure, get some financial counselling or advice from an accountant or financial counsellor or advisor.

The free National Debt Helpline connects you to free financial counselling in your state.

Read more: Debt Helpline


If you choose to apply to access your super, you need to make sure you meet the eligibility criteria. You could apply to access your super if you met one or more of the following:

  • You are unemployed
  • You are eligible to receive a Jobseeker payment, Youth Allowance for jobseekers, Parenting payment (both single and partnered), Special Benefit or Farm Household Allowance.
  • At any point in 2020, you were made redundant, had your working hours reduced by 20% or more or if you are a sole trader, your business was suspended or there was 20% or more reduction in your turnover.

How to apply

You can apply online. You will need linked myGov and ATO accounts to apply. You can submit one application through the ATO online services portal in myGov between 1 July 2020 and 31 December 2020.

When you apply, the tax office may take up to four days to process your claim.

Log on to and apply now

More information

Paying your bills in the COVID-19 crisis
Food relief
No or Low-interest loans
ATO – COVID-19 early release of super
MoneySmart – COVID-19 accessing your super

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