So you’re thinking of withdrawing from your Superannuation Fund

So you’re thinking of withdrawing from your Superannuation Fund

So you’re thinking about withdrawing funds from your superannuation fund under the COVID-19 (novel coronavirus) – early release of superannuation that allows eligible persons to access up to:

  • $10,000 of their super before 1 July 2020
  • A further $10,000 from 1 July 2020 until 24 September 2020.[1]

 

Australian women often retire with approximately 40% less superannuation than their male counterparts.

The latest research indicates that a withdrawal of $20,000 during the coronavirus crisis can mean a reduction of  up to $120,000 in your superannuation fund by the time you retire.

There is a staggering number of people who have already applied for the scheme.

It is important that you seek some advice from an accountant or financial advisor before you make any decision with regard to your superannuation.

For people negotiating property settlements under the Family Law Act 1975 it is too early to tell whether or not such a withdrawal will be treated as a part property settlement, but it is highly possible that that in fact will be the case. We always recommend that you speak an accountant or financial advisor before making such decisions, in particular about long term investments such as your superannuation.

[1] Australian Government – Australian Taxation Office – https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/early-access-to-your-super/