Temporary Early Access to Superannuation
One of the measures announced as part of the government's stimulus package is temporary early access to superannuation benefits. Eligible individuals will be able to apply online through myGov to access up to $10,000 of their superannuation before 1 July 2020. You will also be able to access up to a further $10,000 from 1 July 2020 until 24 September 2020.
To apply for early release you must satisfy any one or more of the following requirements:
• you are unemployed; or
• you are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance; or
• on or after 1 January 2020:
- you were made redundant; or
- your working hours were reduced by 20 per cent or more; or
- if you are a sole trader - your business was suspended or there was a reduction in your turnover of 20 per cent or more.
People accessing their superannuation will not need to pay tax on amounts released and the money you withdraw will not affect Centrelink or Veterans' Affairs payments.
How to Apply
If you are eligible for the early release, you can apply directly to the ATO through the myGov website: www.my.gov.au. You will need to certify that you meet the above eligibility criteria.
After the ATO has processed your application, they will issue you with a determination. The ATO will also provide a copy of this determination to your superannuation fund, which will advise them to release your superannuation payment. Your fund will then make the payment to you, without you needing to apply to them directly. However, to ensure you receive your payment as soon as possible, you should contact your fund to check that they have your correct details, including your current bank account details and proof of identity documents.
Should you require any further information in relation to the above, please contact our office.
JobKeeper Identification Process
Many clients have taken up another of the government's stimulus package programs being the JobKeeper payment. Applications for the first two fortnights of JobKeeper has been extended to 31 May 2020.
If you have already applied for JobKeeper don't forget the second step in the process being the identification process. This will allow you to identify those eligible employees being placed onto the JobKeeper program and to advise of your GST turnover for April as well as an estimate for May. Once you have completed this step the ATO will process the first two fortnightly JobKeeper payments.
Please note that this is a monthly declaration that you will be required to complete each month to get your JobKeeper payment for the previous month. The declaration is due within 7 days of the end of the month. For example, in order to claim for May JobKeeper payment, you should lodge your declaration by 7 June 2020.
You are also required to notify the employee within 7 days of the above notification.
2019 Tax Return Due Dates
Previously due on 15 May 2020, lodgement and payment has been automatically deferred for 2019 company, individual, partnership and trust returns to 5 June 2020 under a 'pay and lodge' approach. 2019 self-managed superannuation fund tax returns and audits are now due 30 June 2020.
If you are yet to provide us with your 2019 tax return information, could you please do so as soon as possible to give us every chance of getting your return lodged by the new due dates.