By Juliano Oliveira
The ATO (Australian Tax Office) has approved 456,000 applications for the early access to superannuation, totalling $3.8 billion, Treasurer Josh Frydenberg has said.
“Those applications are now with the superannuation funds for their payment over the next five days,” said Mr Frydenberg.
“The average withdrawal is around $8,000. And just to remind you that you can access up to $10,000 from your super this financial year and up to another $10,000 next financial year.”
Recently, the Federal Government decided to enable taxpayers in financial difficulty due to the COVID-19 outbreak to direct access up to $10,000 of their superannuation as well as another $10,000 in the following financial year.
Treasurer Josh Frydenberg has also said that the four major banks in Australia have agreed to set up a hotline for businesses to call to receive the bridging finance necessary to pay their staff ahead of receiving that money under the JobKeeper program.
“Importantly, they have also agreed to expedite the processing of all those applications to the front of the queue.”
“So our message today is if you are a business or a not for profit operation that is eligible for the JobKeeper payment, as required, you need to pay your staff ahead of receiving the money from the Tax Office.”
“Go to your bank, ring their hotline, ask for that support, and that support will be forthcoming.”