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Can I get early access to my super due to the impact of COVID-19?

To learn more about ANZ’s response to COVID-19, visit

Published 21 April 2020

Early access to super FAQs

In line with Government expectations of 5 business days, your withdrawal payments will be processed as quickly as possible. During July there may be unavoidable delays in processing COVID-19 early release requests as we complete our regular end of financial year obligations. We understand this is a difficult time. Our team will be working additional hours and we will be prioritising COVID-19 withdrawals to get money to members in need as quickly as possible. We expect processing times to return to normal by the end of July.

If you are under financial stress, you may be able to access up to $10,000 of your super before 1 July 2020 and another $10,000 from 1 July 2020 until 24 September 2020. The ATO will start accepting applications from 20 April 2020.

You may be eligible for early access to your super if you are either:

  • unemployed
  • eligible for a Jobseeker payment, Youth Allowance payment for job seekers, Parenting Payment (including the single and partnered payments), special benefit or Farm Household allowance.

You may also be eligible if (on or after 1 January 2020) you:

  • were made redundant
  • had your working hours reduced by 20% or more
  • are a sole trader and your business was suspended or you experienced a reduction in business turnover of 20% or more.

The government has also announced that eligible temporary residents will be able to apply to access up to $10,000 of their super before 1 July 2020.

These payments are tax-free and not treated as income under the Centrelink or Veteran’s Affairs income test.

Whilst we are fully supportive of this government response for Australians in need, it is important to consider the following before making an application to withdraw your super early:

  • Reduction of your retirement super balance – the impact to your long-term super balance is likely to be far greater than any amount you withdraw early due to loss of future investment earnings and could significantly impact your retirement savings if you are at the start of your working life.
  • Impact to your insurance cover – you may lose insurance cover attached to your super account. You should make sure you will have a sufficient balance in your account to cover the insurance fees otherwise your insurance cover may be cancelled. If your insurance cover is cancelled, you will need to re-apply for insurance cover which may include underwriting and health forms or different terms and conditions to the current insurance cover you hold. An application for insurance cover is subject to assessment and acceptance by the Insurer.
  • Seeking financial advice – before you consider whether to access your super early, it could be beneficial for you to speak with a financial adviser

There are other financial relief options available to you which may be appropriate or may allow you not to access your super.

  • a 'Coronavirus supplement' of $550 per fortnight for people receiving the ‘JobSeeker’ allowance and select other benefits
  • up to two separate $750 payments to eligible social security, veteran and income support recipients

For more details visit the Treasury’s page ‘Economic Response to the Coronavirus’.

You can’t apply directly to your super fund.

All applications are completed online directly to the Australian Taxation Office (ATO) through the myGov website. Just make sure you have your myGov account linked to your ATO account.

  1. From 20 April, you can apply directly to the Australian Taxation Office (ATO) through your myGov account via the myGov website. You’ll need to have a myGov account set up and linked to your ATO account. You will also need to have your tax file number and bank account details available.

    Note: many Australians are trying to access the myGov website, so you may experience delays. We suggest you try again later in the week and refer to the Government’s website for further details.

  2. If eligible, the ATO will issue a ‘determination notice’ in 2-3 days to your myGov inbox and will also provide a copy to us, authorising us to release your super and make a payment to you.

  3. We will then automatically pay the lump sum from your super account to your nominated bank account via Direct Credit. You do not need to inform us to do this.

You may only make one submission in each financial year 2019/20 and 2020/21.

In line with Government expectations of 5 business days, your withdrawal payments will be processed as quickly as possible. While significant demand is expected for these new payments, the team has been busy preparing since the government announced the change a few weeks ago. Given the high volume of requests it may take a few extra days to process your payment, particularly with staff largely working from home. However, please rest assured that the team is working as hard as possible to get money to members in need as quickly as possible.

“ANZ Smart Choice Super” is a suite of products consisting of ANZ Smart Choice Super and Pension (PDF 113kB)ANZ Smart Choice Super for employers and their employees (PDF 122kb) and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees (PDF 124kb). The ANZ Smart Choice Super and Pension product is distributed by Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522). ANZ Smart Choice Super for employers and their employees and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees are MySuper compliant products issued pursuant to the latest PDS available at ANZ Smart Choice Super is part of Retirement Portfolio Service (the Fund) (ABN 61 808 189 263) and is issued by OnePath Custodians Pty Limited (ABN 12 008 508 496, AFSL 238346, RSE L0000673) (OPC), the trustee of the Fund. OPC is a member of the IOOF Group of companies, comprising IOOF Holdings Limited ABN 49 100 103 722 and its related bodies corporate. The Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522) brand is a trademark of ANZ and is used by OPC under licence from ANZ. ANZ and the IOOF Group of companies (including OPC) are not related bodies corporate. ANZ does not guarantee these products.

Before re-directing your super or moving your money into ANZ Smart Choice Super, you will need to consider whether there are any adverse consequences for you, including loss of benefits (e.g. insurance cover), investment options and performance, functionality, increase in investment risks and where your future employer contributions will be paid. 

This information is of a general nature and has been prepared without taking account of your personal needs, financial situation or objectives. Before acting on this information, you should consider whether the information is appropriate for you having regard to your personal needs, financial circumstances or objectives.

All fees are subject to change. Other key features are relevant when choosing a super fund, including performance.

Taxation law is complex and this information has been prepared as a guide only and does not represent taxation advice. Please see your tax adviser for independent taxation advice. The information on insurance cover is a summary only of the terms and conditions applying to the insurance cover. To the extent there is any inconsistency with the terms of the insurance cover provided by the insurer, the terms of the insurance policy will prevail.

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Fee Analysis: Research conducted by SuperRatings Pty Ltd, holder of Australian Financial Services Licence No. 311880. For a copy of the latest SuperRatings research, click here (PDF 452kB).