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  • COVID-19 early release of super – interim report: 2019–20 applications

    In the 2019–20 financial year, eligible individuals adversely financially affected by COVID-19 were able to apply to access up to $10,000 of their superannuation early, between 20 April 2020 and 30 June 2020.

    This page provides interim data about applications received for this period.

    You can download a printable version of this information in portable document format: COVID-19 early release of super interim report: 2019–20 applications (PDF, 749KB)This link will download a file

    Interest in the program

    The COVID-19 early release of super measure was announced as part of the government’s economic response to the coronavirus on 22 March 2020. Royal assent was received on 24 March 2020.

    Prospective applicants were encouraged to register their interest in the program prior to applications opening on 20 April so they could be advised when the application form was available. 975,000 individuals registered their interest between 24 March 2020 and 19 April 2020.

    See also:

    Applications

    Between 20 April 2020 and 30 June 2020, we received around 2.54 million applications – totalling $20.6 billion requested for early release from super.

    From those applications, around:

    • 2.45 million were approved – totalling $20.1 billion requested for early release from super
    • 66,400 were rejected – totalling $420.7 million requested for early release from super.
    • 19,000 were cancelled due to errors or because clients withdrew them.

    Amounts approved for release by the ATO may differ to the amounts released by super funds. This is because super funds will only release amounts available in the super fund account. For example, if an individual requests $10,000 and they only have $7,000 in their super fund account, then the super fund will only release $7,000.

    Rejected applications are where an individual has attempted to submit multiple applications in the same financial year. Applications may be suspended where errors have been made. In some cases, these are later cancelled, rejected or approved.

    Find out about requests and applications by:

    Requests by fund type

    APRA funds

    There were 2.7 million approved applications to release super from an Australian Prudential Regulation Authority (APRA) regulated super fund, totalling $19.9 billion.

    SMSFs

    There were 22,000 approved applications to release super from a self-managed super fund (SMSF), totalling $215 million.

    Applicants could request release of super from up to five funds in one application.

    Applicants by gender

    Male:

    • 1.4 million (56%) approved applications were from male applicants
    • totalling $11.6 billion requested for early release from super.

    Female:

    • 1.1 million (44%) approved applications were from female applicants
    • totalling $8.5 billion requested for early release from super.

    Applicants by residency status

    Residents:

    • 87% of approved applicants were Australian residents
    • totalling $18.6 billion requested for early release from super.

    Non-residents:

    • 13% of approved applicants were non-residents
    • totalling $1.5 billion requested for early release from super.

    Applicants by state and territory

    The following table outlines the percentage and number of applicants approved for release based on the applicant's state or territory.

    Table 1: Approved applicants by state and territory

    State or territory

    Percentage (%)

    Number of approved applicants

    NSW

    30

    738,000

    QLD

    25

    617,000

    VIC

    23

    557,000

    WA

    11

    280,000

    SA

    5

    130,000

    TAS

    1

    48,000

    NT

    1

    34,000

    ACT

    1

    23,000

    Unknown

    1

    26,000

    Applicants by income range

    The following table shows the number of approved applicants by income range.

    Table 2: Approved applicants by income range

    Income range

    Percentage (%)

    Number of approved applicants

    0 or less

    2

    41,400

    $1 – $18,200

    12

    289,600

    $18,201 – $37,000

    24

    589,700

    $37,001 – $90,000

    45

    1,113,400

    $90,001 – $180,000

    9

    217,700

    Over $180,000

    1

    21,500

    Unknown

    7

    179,800

    Applicants by request category

    The following tables show the percentage of approved applicants in each request category, and the dollar value of the approved applications for residents and non-residents.

    Table 3: Residents

    Request category

    Approved applications percentage (%)

    Total of approved amounts for release ($m)

    Had a reduction in working hours

    42

    9,385

    Unemployed

    17

    3,435

    Eligible for government benefit

    17

    3,390

    Sole trader – significant reduction in turnover

    7

    1,560

    Been made redundant

    2

    495

    Sole trader – suspended operation

    2

    275

    Eligible for youth allowance

    1

    80

    Eligible for farm household allowance

    0

    30

    Table 4: Non-residents

    Request category

    Approved applications percentage (%)

    Total approved amount for release ($m)

    Other temporary resident visa holders who cannot meet immediate living expenses

    6

    665

    Had a student visa for 12 months or more

    5

    505

    Temporary skilled work visa holder

    2

    320

    Daily approvals and accumulated value

    On 20 April 2020, at the start of the program, over 300,000 applications were approved. The daily approval number for 2019–20 trended downwards towards 30 June 2020 with averages of:

    • 100,000 daily applications approved in April 2020 (20 April to 30 April)
    • 40,000 daily applications approved in May 2020
    • 26,000 daily applications approved in June 2020.

    The accumulated value of applications grew through the period 20 April 2020 to 30 June 2020. At 30 June 2020, the accumulated value of super approved for release was $20.1 billion.

      Last modified: 15 Oct 2020QC 64056