What you need to consider before accessing your superannuation due to financial hardship

The Federal Government has announced that people who are experiencing financial hardship due to COVID-19 pandemic can access their superannuation. Accountant and financial advisor Romulae Gadaoni explains the criteria for access.

superannuation Source: Getty Image

Highlights

• You can withdraw up to $10,000 from your superannuation
• International students and temporary visa holders can access their superannuation
• Accessing your superannuation early can have an effect on your retirement fund

The Australian Taxation Office (ATO) will handle all applications 

'You need to carefully consider the current situation before you decided to access your superannuation, this should only be done as a last resort' says  Accountant and financial advisor Romulae Gadaoni.

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