Individual application process


Application process

  • The application will be available from 20 April 2020.

  • There will not be a paper form option.

  • Applications for this financial year (2019–20) can be made until 30 June 2020.

  • Applications for the 2020–21 financial year can be made from 1 July 2020 to 24 September 2020.

  • The measure will cease after 24 September 2020 but applications received before the cut-off dates may be processed after this date.


Available accounts

A member can request amounts up to a total of $10,000 from multiple funds at the application stage:

  • The available fund accounts will be displayed and the member can chose multiple accounts and the amount to be approved for release from each account.

  • There are no restrictions on the amount a person can request for release from any account, except the $10,000 overall yearly limit.

  • A member can request more than the account balance displayed to them in the application.

  • There is a limit of $10,000 in the one application per financial year.

A member cannot add a new fund to myGov when applying; only matched accounts reported to us through MAAS will be displayed.


A member can only apply for one determination per financial year.


Members will not be able to make a subsequent application if they do not request or receive the full amount that has been approved in their first application for that financial year.


Bank account details

  • The individual has authenticated themselves in the application process or by phone at the stage of applying.

  • The individual will make relevant declarations in relation to the bank account details within the application.

  • The bank account will not default to the tax return account – the individual will provide the bank account details in the application.


Correspondence

  • All member correspondence delivered through myGov will be available within two to three days. Paper mail will be subject to postal timing.

  • MyGov will show the application is approved through the member's myGov inbox.


Varying an application

Once an application is submitted it cannot be varied.


Revoking an application

It can be revoked if there is a genuine error or mistake.


Eligibility

An individual will self-assess to determine eligibility and certify their eligibility in the application.


Super cannot be released from a pension account under the corona virus early access arrangements. However, it allows a member of a superannuation fund to apply for the release of their preserved or restricted non-preserved benefits.


If a member is receiving an account based pension, that is not a transition to retirement income stream (TRIS), they would have met a condition of release with a nil cashing restriction.


Unrestricted non-preserved benefits can be cashed at any time by the member, subject to the rules of the fund and the account based pension, that is, outside of the corona virus early release measure. However, do not apply to unrestricted non-preserved benefits, amounts supporting the pension cannot be accessed under the arrangements.


The recent amendments to allow early access to super under the corona virus early access arrangements do not vary the circumstances in which pension payments may be made from a TRIS, or the circumstances in which an amount commuted from a TRIS can be cashed out of the superannuation fund. Hence, no amounts in excess of what are already allowed to be cashed from a TRIS can be released under the corona virus early access arrangements.


However, a member whose TRIS comprises preserved or restricted non-preserved benefits may be able to commute the TRIS back to the accumulation phase within the superannuation fund (in accordance with the rules of the fund and the pension).


MORE INFORMATION:

For the latest advice, information and resources, go to https://www.health.gov.au/

Feel free to contact us at office@gordondu-associates.com.au or (08) 9345 0499.


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