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Early access to super extended, Treasury reveals

Adrian Flores
Adrian Flores
23 July 2020 1 minute readShare
Early access to super extended

Individuals wanting to apply for the early release of up to $10,000 in superannuation have been given extra time to do so, the government has announced in its economic update.

The government has extended the application period to 31 December 2020 from the original deadline of 24 September.

The temporary early access to superannuation scheme is predicted to cost the government $2.22 billion across five financial years beginning from 2019–20 and ending in 2023–24.

The COVID-19 SME Guarantee Scheme has also been extended to loans written until 30 June 2021, with the government saying it is making targeted amendments to ensure that the loans available suit the evolving needs of SMEs.

Further, the government has extended the Supporting Apprentices and Trainees wage subsidy for a further six months to 31 March 2021 and expanded it to medium-sized businesses from 1 July 2020.

The measure is part of the JobTrainer Skills Package that establishes the JobTrainer Fund to provide additional low and no-fee training places for jobseekers and school leavers.

Early access to super extended, Treasury reveals
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Adrian Flores
Adrian Flores

Adrian Flores is the deputy editor of MyBusiness. Before that, he was the deputy editor for SMSF Adviser as well as features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.

You can email Adrian at [email protected].

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