Access to $10,000 Superannuation in Virus Hardship Cases

Doubtful even considered. DB funds are usually an afterthought but there’s likely something out there now to address this.
Any accumulation balances at all or 100% DB?

 

Expect to receive a question, but if you have the evidence to support your facts that’s it’s all ok, present it & should be fine.
Again, this is based only on you saying you’re complying as we don’t know the full facts.

 

The ato are issuing a caution letter in such cases. There isnt a specific rule. Many issues to consider. I had a case where the client met the release. But also recontributed a few days later. There was a tax benefit. They sought the Commissioners views prior to lodgement and were told the commissioner would consider cancelling the deduction under part iva
They decided not to claim a deduction. I agreed. Their deduction amount was eirily within $100 of their total cap. Looked like a scheme.

 

Db rules may prevent release. Fund advice is needed. A db account may not have a balance to access. It has a retirement restricted entitlement

 

If someone went $2k over the $25k concessional cap on super contributions, but also withdrew $10k due to COVID hardship, does one offset the other?

 

Interesting question. If I were a betting person I'd bet for No to win. Two separate matters and provisions.

 

The excess contribution is a separate law. But withdrawal can affect capacity to have the fund pay the ECTax in some cases,