We can help too

For all your super related questions regarding COVID19, don't hesitate to call us on the following numbers.

Member hotline
1300 300 820

Employer hotline
1300 304 947

Retirement hotline
1300 017 589

Government apps for Android and Apple

Stay informed. Download the official government Coronavirus Australia app in the Apple App Store or Google Play, or join the Government's WhatsApp channel on iOS or Android.

Useful sources of COVID19 information

WORLD HEALTH ORGANISATION provides information and updates on the Coronavirus disease (COVID) outbreak both internationally and in Australia.

Visit now >

ABC CORONA DAILY PODCAST 
10 minute podcast providing an updates each day

Visit now >

AUSTRALIAN GOVERNMENT DEPARTMENT OF HEALTH provides the latest information about the spread of COVID-19 and the steps being taken to slow the spread.

Visit now >

VICTORIAN STATE GOVERNMENT HEALTH AND HUMAN SERVICES  provides regular updates.

Visit now >

NEW SOUTH WALES HEALTH AND HUMAN SERVICES provides regular updates.

Visit now >

Cheer yourself up with these links

Isolation can be hard. Here are some light hearted links that might help you through. The Australian comedy group The Chaser and the US site The Onion feature regularly updated online articles. British comedian Ricky Gervais is broadcasting regularly on Twitter and US comedian Stephen Colbert's home videos are also worth a look. For those with a literary bent, actor Patrick Stewart is reading a Shakespearean sonnet a day.  

How to keep physically and mentally fit

9 Practices To Help Maintain Mental Health During The Coronavirus Lockdown 
Learn more >

5 tips to mind your mental health during the coronavirus lockdown 
Learn more >

Great Ways to Work Out Indoors 
Learn more >

The FBI’s Physical Fitness Test app is an informative and interactive way to train like an agent. 
Learn more >

 

Early access to your super

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Updated 20 August 2020

 

Updated 24 July 2020

Government announcements

The Government announced that individuals affected by the Coronavirus will be allowed to access up to $10,000 of their superannuation in 2019-20 and can make a second application of up to $10,000 in 2020-21 prior to 31 December 2020. The measure was due to end on 24 September 2020 originally but the Government has announced that this measure will be extended until 31 December 2020.

To date the scheme has been well received by Australians with more than 2.1 applications received and $14.8b of payments.

ATO takes firm stand on Early Release compliance

The ATO will be acting where people deliberately exploit the system and access superannuation under the early release measures when they should not.

The ATO has stated it has a variety of data sources to check for claims that were made incorrectly including Single Touch Payroll (STP), income tax returns and information reported by super funds.

Behaviours that attract the ATO’s attention include:

  • applying when there is no change to your regular salary and wage, or employment information
  • artificially arranging your affairs to meet the eligibility criteria
  • making false statements or fraudulent attempts to meet the eligibility criteria
  • withdrawing and recontributing super for a tax advantage.

The ATO has updated it’s early release web content with compliance information stating that those who provide false or misleading information could face penalties of more than $12,000 for each false and misleading statement.

 

Updated 1 May 2020

Who’s eligible

To apply for early release, you must satisfy any one or more of the following requirements:

  • you are unemployed; or
  • you are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance; or
  • on or after 1 January 2020: you were made redundant; or your working hours were reduced by 20 per cent or more; or if you are a sole trader — your business was suspended or there was a reduction in your turnover of 20 per cent or more.

Vision Super is not required to make Early Release payments from defined benefit accounts under the law. However, these will be treated on a case by case basis and all members will be contacted to discuss available options.

Those who do access their super won’t pay tax on the amounts released, also the money withdrawn will not affect Centrelink or Veterans’ Affairs payments.

PLEASE NOTE: if you wish to access your super you need to apply to the ATO. You will not be able to apply through Vision Super directly.  

It is important, however, we have your correct contact details. You can check and update your details by logging in to Members Online or the Vision Super app.

Superannuation was introduced to help us save for retirement but irrespective of how far away retirement might be for you (a long way away or just around the corner), you need to consider the real cost to your future before you dip into your super.

Before you make a decision, it is important to understand that $20,000 in your super today will likely be worth more than $20,000 by the time you retire. Why? Because of compound interest. Compound interest is interest that includes “interest on the interest” previously earned. This is where interest earned is added to the balance so that when interest is applied next it’s calculated on a larger balance.

Try our Super modeller calculator first

If you’re considering withdrawing money from your superannuation, have a look at our calculator first. After putting in some personal details into the Super Modeller calculator, you can see how taking a lump sum out of super will affect your account over the long term.

Super modeller calculator >

Remember, super is a long-term investment and any changes or withdawals you do today, may affect your balance upon retirement, regardless how far away that is!

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