Hi everyone, I hope this article helps out anyone who is wanting some more informaton on getting their $10,000 distribution from the ATO for their superannuation in this tough time. The Coronavirus is having a massive negative impact on lots of expats so I hope this is enacted in a timely and efficient fashion for those that truly need it!
Visit the ATO Website to check your eligibilty: https://www.ato.gov.au/Individuals/Super/In-detail/Withdrawing-and-using-your-super/COVID-19-early-release-of-super/
Go to my.gov.au
Sign in: if you can’t do this then follow the prompts to reset passwords or apply for an account.
Secret question, this is the security protocol to get access to your account. Answer accordingly.
Step 4: Go to the “ATO” portal. Do NOT click on the immediate ‘government support for Coronavirus’. This is for Centrelink and not for the $10,000 superannuation distribution. If you are seeing messages about centrelink you’re NOT in the ATO portal.
Step 5: Click on the ‘coronavirus release’ symbol.
Step 6: Fill out the form accordingly.
Following the 4 ‘sections’ below. This is very easy, but everyone’s situation is different, so please fill out form accordingly.
Step 7: Aussie bank account. This may be the sticky one. You’ll need to have distributions made to an Aussie account by default. If you don’t have an account in your name then you’ll have to speak with the ATO directly.
Step 8: You will have your ATO receipt ID and they should communicate with your super fund.
Step 9 (not compulsory): Contact your super fund once the ATO has e-mailed you
You should recieve an e-mail with an attached letter which is your approved distribution, the ATO should then contact your superannuation provider directly.
*NOTE* This is not to be taken as finacial advice and is simply a tutorial. Please seek professional financial advice before taking any distributions from retirment accounts. Any distributions taken from your account today can have a massive effect on your final pension value come retirement. Any distributions should be carefully considered!