Background: Early Release of Superannuation - COVID-19
Eligible members adversely affected by the financial impact of COVID-19 may apply to access up to a maximum of $10,000 for FY2020 and a further $10,000 from 1 July 2020 to 24 September 2020.
Template Member Request Letter and SMSF Trustee Minute Templates
Where the SMSF member has received a successful determination from the Australian Tax Office (ATO) authorising the release of money from their SMSF, the following documents are now available to document the early release of super benefits for members affected by the COVID-19:
Request Letter - From the member to the fund requesting the benefits to be paid as a lump sum;
Trustee Minutes/Resolution - Approving the lump sum payment using the condition of release (Compassionate Ground - Coronavirus); and
Confirmation Letter – From the trustee of the fund to the member confirming the benefit payment.
These documents are specifically worded with reference to the ATO's determination as well as removing reference to PAYG withholding obligations as the amount is not subject to PAYG withholding and does not need to be reported on a PAYG payment summary.