Government support: what you can access

Temporary reduction in minimum drawdown rates

To help retirees minimise the impact of market volatility, the Government will temporarily reduce superannuation minimum drawdown requirements for account-based pensions and similar products by 50% for the 2019-20 and 2020-21 financial years.

This measure is intended to provide retirees with more flexibility as to how they manage their superannuation.
Find out more.

Changes to social security deeming rates

On 22 March 2020 the Government announced that from 1 May 2020 the deeming rates would be lowered to 0.25% (lower rate) and 2.25% (upper rate).

The reductions reflect the low interest rate environment and its impact on the income from savings. The changes will be effective from 1 May 2020.
Find out more.

Temporary early access to superannuation

The Government is allowing individuals financially impacted as a result of the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-2121 (conditions apply). Applications can be made directly via the myGov website from Monday 20 April.

Important to note, amounts released will not be subject to tax and will not affect Centrelink or Veterans’ Affairs payments.

There are strict eligibility criteria.
Find out more.

For more information on the Australian Government’s Economic Response to the Coronavirus visit treasury.gov.au/coronavirus


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