The ATO has released its application form for the early release of superannuation by individuals impacted by Covid-19. From 20 April, an individuals can make one application to access up to $10,000 of their super (tax-free) in the 2019-20 financial year, and a second application for up to $10,000 in the 2020-21 year until 24 September 2020.

An application can be made by:

• The member authenticating themselves through the myGov website and completing the application form in ATO Online
• For those unable to access online services, the individual calls the ATO, confirming their identity and completing the application over the phone

The ATO has asked people to observe the intention of the legislation and only apply to release their super to deal with the adverse economic effects of Covid-19. You should not withdraw your super early and re-contribute it to gain a personal tax deduction.

If you are eligible, you should carefully check your super account balances to ensure there are sufficient funds available to claim. If you make an application and the fund has insufficient money, you will not be able to make a second application for the balance from another fund in that financial year, nor ask for an amount above the $10,000 cap in the 2020-21 financial year.

Separate arrangements apply for applications by members of self-managed super funds (SMSFs). The ATO will issue a determination to you as the fund member (instead of to the super fund) advising of your eligibility to release an amount. When the SMSF receives the determination from you, the SMSF trustee is then authorised to make the payment.