COVID-19 early release of super
During 2020, the Federal Government allowed people who lost their job or had lower income due to the COVID-19 economic downturn to access their super.
Applications for early release closed on 31 December 2020
If you're experiencing financial hardship and would like help ascertaining your eligibility to access your super through other methods, please call us on 1800 060 312.
There is now an opportunity for members who withdrew funds through this scheme to recontribute.
COVID-19 early release withdrawals from super may be recontributed to the super system from 1 July 2021 until 30 June 2030 (up to a maximum of $20,000). Eligible re-contributions by a member will not affect their non-concessional contributions cap, but cannot be claimed as a deduction.
There are eligibility criteria that apply to make a re-contribution; including that only the total amount received through the COVID-19 early release scheme can be re-contributed and legalsuper must receive a completed form from the re-contributing member before or at the time of re-contribution.
We are waiting on Government advice on their process for members to re-contribute to their super and will update this page once we have received that information.
This is general information only and does not take into account your individual objectives, financial situation or needs. Accordingly, before taking any action, you should consider whether it is appropriate to you, having regard to your objectives, financial situation and needs and obtain your own personal advice from a licensed financial adviser. You should obtain a copy and read the relevant legalsuper Product Disclosure Statement (PDS) which is available by contacting us or here before making any decision.