Federal Government Announcement - Superannuation Package 22 March 2020
On the 22nd of March the Federal Government announced a package of temporary superannuation measures for people facing significant financial hardship as a result of the coronavirus, these include:
early release of a limited amount of superannuation
reduction in minimum superannuation drawdown rates for retirees.
// EARLY ACCESS TO SUPER //
Early access of up to $10,000 (tax free) before 1 July 2020 and up to a further $10,000 from 1 July 2020 (It is expected that applications can be made from mid April).
*eligibility criteria applies, please contact us for further information
// SUPPORT FOR RETIREES //
There will be a temporary reduction in the minimum annual amount that you’re required to withdraw from your super income stream, the reduction in drawdown rates will apply for this financial year, and for the 2020/21 financial year.
Please contact our office on 03 5222 2355 if you require further information or you can find more information about this measure and the Government’s Economic Response to the Coronavirus at treasury.gov.au/coronavirus
Important information and disclaimer
This publication has been prepared by Geelong Lifestyle Financial Planning Pty Ltd ACN 094 786 400 Corporate Authorised Representative of Bombora Advice Pty Ltd ABN 40 156 250 565 Australian Financial Services Licensee 439065. Registered Office at Level 2, 406 Collins St Melbourne Vic 3000.
Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Accordingly, reliance should not be placed on the information contained in this publication as the basis for making any financial investment, insurance or other decision. Please seek personal advice prior to acting on this information.
Information in this publication is accurate as at the date of writing, 23 March 2020. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, the accuracy of that information is not guaranteed in any way.
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