As a remedial measure to help temporary visa holders stranded in Australia due to COVID19, the government of Australia now allows its citizens and eligible temporary residents to access their superannuation early.
This announcement has come in at the right time, when temporary residents in the country are suffering the loss of jobs, hence struggling to make ends meet. Eligible temporary visa holders can apply for the release of payment up to $10000 before June 30, 2020, and another $10,000 between July 1, 2020, and September 24, 2020.
Further, the government has also assured that there will not be any tax deduction on this payment and it will not be accounted for taxation purposes in the future either.
The application process for the release of superannuation commences from April 20, 2000. International students and temporary visa holders are advised to check their eligibility and apply through their my Gov account.
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