How your superannuation can affect your payment
14 October 2020
What you choose to do with your super may impact the payments and services you get from us.
If your income or assets change it may affect your payment.
We don’t count superannuation in your income and assets tests unless you’re either:
- under Age Pension age and your fund is paying you a superannuation pension
- Age Pension age or older.
Read about how we assess superannuation.
You may be eligible to access up to $10,000 of your super if COVID-19 has negatively impacted your finances. The COVID-19 early release of super program closes on 31 December 2020.
Withdrawing money from your superannuation won’t affect your Centrelink payment. But what you do with the money may affect your payment if it changes your income or assets. For instance, we’ll include it in your income and assets tests if you do any of the following:
- use it to buy an income stream or other financial investment
- put it in the bank.
Our free Financial Information Service is available to help you make informed decisions about your finances.
You can read more:
- about early release of superannuation due to COVID-19 on the Australian Taxation Office website
- news for individuals.
Your age determines if we assess your superannuation in our income and assets tests.
Find out more about the cyber attack on Service NSW and steps to take if it impacted you.
Page last updated: 14 October 2020
This information was printed 23 October 2020 from https://www.servicesaustralia.gov.au/individuals/news/how-your-superannuation-can-affect-your-payment. It may not include all of the relevant information on this topic. Please consider any relevant site notices at https://www.servicesaustralia.gov.au/individuals/site-notices when using this material.