Over 360,000 super fund members have so far registered with the ATO for early access to their retirement savings under the Morrison Government's plan to help those facing severe financial stress due to the coronavirus pandemic.

Under the plan, Australians will be able to access up to $20,000 of their superannuation, tax-free.

The first $10,000 is available in the financial year 2019-20 and a further $10,000 in the financial year 2020-21.

According to the Australian Taxation Office (ATO), they had received 361,000 registrations at the end of April 2 - just three days after registrations had opened.

To be eligible, people must:

  • Have been made redundant,
  • Had their working hours reduced by more than 20%, 
  • Or be a sole trader whose turnover has fallen by 20% or more.

The government has estimated around $27 billion in superannuation will be withdrawn, but some in the super sector fear that number could be closer to $50 billion.

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest non-introductory interest rates on the market.

Rates
Features
Conditions
Other
Provider
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Savings Maximiser (<$100k)

    More details
    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Boost Saver

      More details
      Important Information and Comparison Rate Warning

      All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of April 27, 2024. View disclaimer.

      It comes amid warnings from the Australian Competition and Consumer Commission (ACCC) that scammers are trying to take advantage of the Government’s recent announcement that people suffering financial hardship can have partial access to their superannuation from mid-April.

      “Scammers are cold-calling people claiming to be from organisations that can help you get early access to your super,” ACCC Deputy Chair Delia Rickard said.

      “The Australian Taxation Office is coordinating the early release of super through myGov and there is no need to involve a third party or pay a fee to get access under this scheme.”

      “Never follow a hyperlink to reach the myGov website. Instead, you should always type the full name of the website into your browser yourself,” Ms Rickard said.

      Since the government’s announcement in March, there have been 87 reports of these scams to Scamwatch.

      In most cases, the scammers are seeking to obtain personal information that will help them access the victim’s superannuation funds.

      “While older people are more commonly affected by superannuation scams, the new early-access scheme means a range of age groups are now experiencing these scams,” Ms Rickard said.

      “We also have reports of scammers offering to check if a person’s super account is eligible for various benefits or claiming the new scheme will lock people out of their accounts.”