Can COVID-19 Patients Avail Themselves of Superannuation?
With the COVID-19 pandemic continuing to affect huge numbers of people financially, most are playing no choice but to search out other available choices to aid their livelihood. This becomes much more apparent for those who test positive for the virus. They might have to stop working, which can be problematic if they are their household’s main or sole earner of income. Among the options that COVID-19 patients look into is superannuation.
What is Superannuation?
Superannuation is really a regular payment that an employee makes to a fund for his or her future pension. Ideally, it's paid out once the contributor retires. However, because of the COVID-19 outbreak, the government made recent changes that permit those influenced by the virus to apply for an earlier discharge of their superannuation.
Depending in your eligibility, you can get as much as $10,000 from April 20 to June 30, 2021, and the other $10,000 from July 1 to September 24, 2021. Each individual could make one withdrawal for each financial year.
How to Know If You Are Eligible
In order to qualify, you must meet one or more of the following eligibility requirements:
- You are presently unemployed;
- You are capable of obtain a jobseeker payment, parenting payment, youth allowance for jobseekers, or special benefit or farm household allowance;
- On or after 1 January 2021, your working hours were reduced by 20% or even more, or perhaps your role is made redundant. If you're a sole trader, you had your business suspended, or there is a discount of 20% or more in turnover.
What Steps Should I Follow?
You can start the procedure by applying via your government's taxation office. When you are approved, you could get confirmation. The approval process can last for four days. Remember that you can't directly affect your super fund. Your taxation office will then send insurance companies with the approved request so you can receive your payment. Ideally, you should receive your hard earned money within five days from the initial approval. If you encounter problems with your superannuation release, you can connect with lawyers who understand your claim.
How Do I Know My Super Balance?
Generally, you should verify if your super balance is enough prior to making your claim. You should check your super balance via online services. Note that balance will be indicated being an “as at” or “effective” date from the balance. If you notice this, it might mean that there were changes to your account balance.
After this, you can sign in on your insurance provider's dashboard to check your present balance, or search for the last statement delivered to you can either via regular mail or email.
Out-of-Country Citizens’ Eligibility
Citizens who're living in a different country being impacted by the coronavirus pandemic are still permitted to claim their super fund. This is applicable to any or all citizens and permanent residents. Temporary residents will also be permitted to claim the stimulus package, but they must meet the following eligibility requirements:
- You currently hold students visa for 12 months or more and are able to prove that you simply cannot support living expenses;
- You hold a brief skilled work visa, as well as your working hours are zero, but you are currently employed by an employer;
- You hold a brief resident visa, and you cannot support your everyday living expenses.
The COVID-19 pandemic causes significant changes to the way people live. It is a hard find it hard to fight. Thankfully, you've superannuation to rely on if you're inside a tough spot. Use the money wisely because we are living within an uncertain time. Keeping a sum hidden for future use or emergencies is highly advisable.
