Important info if you’re applying for early release of super

17 Apr 2020 By Media Super Team

From Monday 20 April 2020 people will be able to submit applications for Coronavirus early release of super via myGov. 

Please read the following important information before submitting your application.

Make sure your details are correct before applying

To make the application and payment process as smooth as possible, please check the following details are consistent across your Media Super and myGov accounts:

  • Full name
  • Date of birth
  • Tax File Number

If your details do not match, it may delay your payment as we work with the ATO to verify your identity. 

Timing of payments

Once you have applied to the ATO (via myGov), you will receive a letter of determination from the ATO to confirm your eligibility. If your application is approved, you do not need to do anything further; your payment will automatically be made to you. 

Once Media Super receives advice from the ATO, we will generally process your payment within five business days. Please note, it may take a little longer for the money to appear in your bank account (depending on the transfer process between banks). 

Please note, you do not need to send us your letter of determination. The ATO will provide details directly to Media Super for approved claims for early release. 

Is accessing your super early the best decision for you? 

We want you to make an informed decision, one based on facts and designed with your best interests in mind. 

Before you apply, please ensure you understand the impact on your super balance long term – depending on your age, you could have up to $47,699 less in your account when it’s time to retire – as well as the effect on your death & TPD and income protection insurance and consider other support options available. 

Full details re eligibility criteria, how to apply, timing and important information regarding impacts on your super and insurance, are available on the ATO website. 

If you have any questions about the impact on your super savings, please call the Helpline on 1800 640 886.