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Superannuation and Pension Payment Changes

To apply for early release of your super, you must satisfy any one or more of the following requirements:

  • you are unemployed; or
  • you are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance; or
  • on or after 1 January 2020:
    • you were made redundant; or
    • your working hours were reduced by 20% or more; or
    • if you are a sole trader, your business was suspended or there was a reduction in your turnover of 20% or more.

How to Apply

  • If you are eligible, you can apply for early release of your super directly to the Australian Taxation Office (ATO) through the myGov website, from mid-April 2020.
  • The ATO will issue you with a determination and if you’re successful, direct your super fund to release your super payment.
  • Your super fund will then make the payment to your nominated bank account.
  • Important: To ensure you receive your payment as soon as possible, your super fund will need to have your up-to-date bank details and proof of identity documents. Payments can only be made to an Australian financial institution in your name.

Temporary Reduction of Minimum Pension Payments

To provide retirees with more flexibility in managing their retirement incomes, the Government has announced it is reducing the minimum pension payment requirement for account-based pensions and similar products by 50% in both 2019-20 and 2020-21.

All account-based pension holders are eligible. To request to reduce the amount of your pension payment, you will need to get in touch with us so we can check with your respected superannuation provider about their processes.

The amount by which you can reduce your pension payment will depend on your age:

Age Minimum annual pension payments New minimum annual pension payments for 2019-20 and 2020 -21
Under 65 4% 2%
65 – 74 5% 2.5%
75 - 79 6% 3%
80 - 84 7% 3.5%
85 - 89 9% 4.5%
90 - 94 11% 5.5%
95 + 14% 7%


Self-Managed Super Funds with Direct Property

The ATO has announced that it will allow SMSFs that have a lease agreement in place with a related-party business tenant to temporarily reduce rent due to the business and economic impact of Coronavirus / COVID-19.

The following has been provided from the ATO on their website in regards to SMSF Rent Relief COVID-19 Temporarily Reducing Rent:

Question: My SMSF owns real property and wants to give my tenant – who a related party is – a reduction in rent because of the financial impacts of the COVID-19. Charging a related party, a price that is less than market value is usually a contravention. Given the impacts of the COVID-19, will the ATO act if I do this?

Answer: Some landlords are giving their tenants a reduction in or waiver of rent because of the financial impacts of the COVID-19 and we understand that you may wish to do so as well. Our compliance approach for the 2019–20 and 2020–21 financial years is that we will not act where an SMSF gives a tenant – who is also a related party – a temporary rent reduction during this period.

We understand that during the extreme business and economic conditions relating to COVID-19, many businesses would have already stopped paying their SMSF landlord rental under their current lease agreement to help ensure their survival of their business.  This announcement on the ATOs approach to SMSF rent relief is welcomed and provide some minor, but potentially important relief for SMSFs trustees that have a rental agreement in place with a related party business or company.

How can YML help?

Talk to our YML Super Solutions Team today to see how YML Group can assist you. Contact us on (02) 8383 4400, or by visiting the Contact Us page on our website

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