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Tech & Science Early access to super must target the most needy

02:55  10 april  2020
02:55  10 april  2020 Source:   watoday.com.au

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People who need cash in this crisis should have some access to super but it must not put the whole system at risk. Former Business Council of Australia president Tony Shepherd has proposed an even more liberal approach, arguing that people should have the option of taking the 9.5 per cent of wages

How much super can I access under the Coronavirus Economic Response Package? The temporary measure will allow super account holders to access up to The Australian Government states that applications for COVID-19 early release super amounts must be made online via myGov.com.au, the

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Editor’s note: The opinions in this article are the author’s, as published by our content partner, and do not represent the views of MSN or Microsoft.

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The most common conditions of release that allow you to access super benefits early are You must also show that you can’t get treatment through the public health system (this is not required for However, before applying for early access to super due to severe financial hardship, keep in mind

At a time when tens of thousands of people are desperately short of money because of the coronavirus crisis, one obvious source of funds is the $3 trillion pool of superannuation savings.

While, in theory, that money is supposed to be kept to fund retirement in the future, the government has announced it will allow people to access their savings early if they need it to put food on the table and pay the rent now.

People who meet new relaxed criteria of financial hardship will be able to take out up to $20,000 over the next six months.

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Read more about accessing your super early due to financial hardship or compassionate grounds. Sunday, 22 March 2020, the Federal Government announced temporary changes to the early release conditions for individuals as part of its economic COVID-19 virus response.

But what if you need to do something as in the example below? (Just for clarification: I'm creating a component lifecycle for a UI library, so it feels But the code above is throwing the error (in Webstorm at least): "' super ' must be called before before accessing 'this' in the constructor of a derived class".

Former Business Council of Australia president Tony Shepherd has proposed an even more liberal approach, arguing that people should have the option of taking the 9.5 per cent of wages earmarked for compulsory superannuation contributions as cash over the next six months.

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You may be one of many super fund members who is focusing their attention on their super because of the ASIC has successfully obtained jail terms for the most serious offenders. Financial hardship. Apply to the trustee of your fund. Generally you must prove that you have been receiving welfare

In the financial world, however, simple solutions can often have unforeseen, indirect consequences and superannuation investors should not take their money out without thinking it through.

Because of the recent falls in the sharemarket anyone who takes their money out now will receive as much as 30 per cent less than their account was worth two months ago.

That will be their choice and it might prove a reasonable trade-off, but it comes at a cost. Taking a thousand dollars out now will mean they receive many thousands of dollars less in retirement.

Industry superannuation funds have also warned that in giving early access they must take into account the interests of the other people with money still invested in their funds and the broader economy. If super funds have to sell shares at once, it will tend to push down share prices, which means all fund members' account balances will be hit.

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Fifty per cent is determined by the social determinants of health, such as income, early child development, food security, employment, housing, race A government for the people can do more to help those most in need achieve a good quality of life. Steve Lurie C.M., Executive director of CMHA

All superannuation funds are required to keep cash on hand to meet these sorts of emergencies, which will probably mean funds will have cash on hand to meet a rush of withdrawals.

But the Reserve Bank of Australia, in its twice-yearly Financial Stability Report published on Thursday, pointed out that some super funds with lots of young members working in industries heavily affected by the pandemic, such as hospitality and retail, will face a "large liquidity drain".

With less cash, funds could miss out on opportunities to pick up shares at bargain prices, leaving all members worse off, once markets recover.

Given all those risks, the government's scheme probably strikes a fair balance between allowing early access to superannuation to the most desperate on the one hand and protecting long-term members and the economy on the other.

The Australian Tax Office has just issued detailed criteria.

That does not seem to be the case for Mr Shepherd's proposal of an opt-out from the 9.5 per cent superannuation guarantee as it could put cash in the pockets of everyone regardless of need.

Superannuation has a role to play in protecting Australians from the looming economic crisis but the government must also protect the integrity of the retirement system which is a major engine of investment in the economy.

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