The other major benefit payment standards that may enable a person to access superannuation savings after an event has occurred include:
Many of the benefit payment standards have strict conditions that must be met for payment to be made. Taxation considerations will also apply where a payment is made to a member under the age of 60.
Please note: Eligible individuals affected by COVID-19 were able apply to the ATO to access up to $10,000 of their superannuation in the 2019–20 financial year and a further $10,000 in the 2020–21 financial year (until 31 December 2020). It’s important to note that as part of the ‘More Flexible Super’ legislation, a member that released amounts from superannuation under these COVID 19 early release rules can recontribute those amounts without counting towards their non-concessional cap. However, it must also be noted that the member can’t claim those recontributed amounts as a tax deduction.