As the global pandemic continues to affect the economy, some managed funds facing liquidity or other operational issues have frozen withdrawals ostensibly to protect the best interests of members. However, members whose investments have been frozen and are facing hardship have been thrown a lifeline by ASIC with the registration of an instrument and implementation of individual hardship relief measures and rolling withdrawal relief. These hardship relief measures may provide members with up to 4 withdrawals per financial year up to $100,000 in total.

Would you like to semi-retire but are not at the age where you can access your super? Depending on your super fund you may be able to access a transition to retirement pension which is available to individuals who are under 65 but have reached their preservation age. A transition to retirement pension may provide you with flexibility to work slightly less or as a tool for planning for retirement. This option is not available in all super funds and minimum/maximum withdrawal limits apply.

On Tuesday, 6 October 2020, Treasurer Josh Frydenberg handed down the 2020–2021 Federal Budget. He said the Budget was “all about jobs” (including creating new jobs and getting the unemployed back into work again) and getting the economy moving again. The Treasurer said that COVID-19 will see the deficit reach $213.7 billion this year, falling to $66.9 billion by 2023–2024. This Budget expands the Government’s 10-year infrastructure pipeline and, on personal taxation, confirms that the previously legislated Stage 2 tax cuts will be brought forward by two years, from 1 July 2022 to 1 July 2020.