“The tourism operator I have been employed by for over a decade is now out of business because job keeper has ended, and I am now unemployed. I am 45 and single. I can access jobseeker while I look for work, but the amount does not cover even my rent. Can I access my super to make rental payments until I find work? Is there any other support I can access?”
-Bill in Cairns, QLD
Top answer provided by:
Bill, you are definitely not in a very easy position, however, I must say that you are doing the right thing in seeking advice - an action that is just obvious to some, yet underestimated by many.
One of the ways that superannuation can be accessed is via the 'Severe financial hardship’ provision for a sum of $1,000 to $10,000 - this can only be done once in a 12 month period. You need to contact your super provider to request access to your super due to severe financial hardship. You may potentially be able to withdraw some of your super if you have received eligible government income support payments continuously for 26 weeks and if you are not able to meet reasonable and immediate family living expenses. It is important to seek financial advice however to discuss tax implications.
If you're finding it difficult to pay your bills, you may be able to contact your service providers as you may be able to negotiate extended payment plans to help free up cash flow. If you are not in a position to seek financial advice, you may be able to contact National Debt Helpline to access free financial counselling on 1800 007 007.
In these times, emotional support is just as, if not more, important as financial support. If you are unable to talk to friends and family, you can contact Beyond Blue on 1300 224 636 or via their web chat service on their website: https://online.beyondblue.org.au/#/chat/start
It may also be time for a career change. While some industries have been negatively affected by COVID-19, there are some which have an increased demand for workers. You can visit the Government's Jobs Hub website for current opportunities: https://www.dese.gov.au/jobs-hub
While the Adviser Ratings Website facilitates the question and answer functionality, all such communications are between users and authorised financial advisers, of which Adviser Ratings has no affiliation. Adviser Ratings is not the advice provider and does not provide financial product advice and only provides information that is general in nature.