The Federal Government has announced that people who are experiencing financial hardship due to COVID-19 pandemic can access their superannuation. Accountant and financial advisor Romulae Gadaoni explains the criteria for access.
Highlights
- You can withdraw up to $10,000 from your superannuation
- International students and temporary visa holders can access their superannuation
- Accessing your superannuation early can have an effect on your retirement fund
The Australian Taxation Office (ATO) will handle all applications
'You need to carefully consider the current situation before you decided to access your superannuation, this should only be done as a last resort' says Accountant and financial advisor Romulae Gadaoni.
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