Early release of superannuation for temporary residents

The Treasury Laws Amendment (Release of Superannuation on Compassionate Grounds) Regulations 2020 have been made to allow temporary residents affected by the adverse economic effects of coronavirus to have up to $10,000 released from their superannuation or retirement savings account on compassionate grounds.

The regulations build on the amendments introduced in Sch 13 of the Coronavirus Economic Response Package Omnibus Act 2020, which established such grounds of early release for Australian citizens and permanent residents.

From CAP TAX News – 23 April 2020 / Edition 15