Powered by momentummedia
nestegg logo
Powered by momentummedia
nestegg logo
nestegg logo

Retirement

361,000 Aussies already registered for early access to super

By Grace Ormsby · April 07 2020
Reading:
egg

Retirement

361,000 Aussies already registered for early access to super

By Grace Ormsby
April 07 2020
Reading:
egg
registered for early access to super

361,000 Aussies already registered for early access to super

author image
By Grace Ormsby · April 07 2020
Reading:
egg
registered for early access to super

The ATO has released preliminary statistics that show a huge amount of interest in the government scheme that enables early access to super.

From 31 March, individuals have been able to login to myGov and register their interest in the coronavirus early release of super measure with the ATO.

The ATO has since revealed that by the end of 2 April, a total of 361,000 registrations of interest had taken place.

“In terms of the number of people registering, this should be used as a high level indicator of volumes of those who may eventually apply for early release of super only,” the Tax Office cautioned.

In other words, registration of interest does not necessarily mean that all individuals will later complete the application process.

Advertisement
Advertisement

The early access to superannuation provision was announced as part of Prime Minister Scott Morrison’s second stimulus package

It allows individuals to withdraw $10,000 before the end of the 2019-20 financial year, and a further $10,000 in the upcoming financial year. 

While industry bodies have acknowledged the need for assistance to be given to financially vulnerable Australians, it has been argued such an action “should be a last resort”. 

The Australian Institute of Superannuation Trustees’ CEO, Eva Scheerlinck, said early release of super could have “potentially far-reaching implications both on individual Australians and the broader national economy”.

In a similar vein, Industry Super Australia has promoted the need for “extreme caution” in accessing super fund assets, and has advocated for members to “only think about cracking open their super after they’ve taken up the extra cash support on offer from the government”.

Research institution SuperRatings has also called for a reshaping of the current proposal, concerned that “there must be a better way” to earmark an eligible group of people for the scheme. It has proposed three options to improve the government’s “shotgun approach”.

361,000 Aussies already registered for early access to super
registered for early access to super
nestegg logo

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article
author image

About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

Join the nestegg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

From the web

Recommended by Spike Native Network

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.