After applying for early super access

After applying for early access

If you have already submitted an application to access your super, here are some frequently asked questions from our members.

How it works

Can I withdraw more than once?

You can only make one application per financial year for any amount up to $10,000.

If you’re eligible, you will be able to access up to a maximum of $10,000 of your super in the 2019/20 financial year and 2020/21 financial year.

Note: If you are a temporary resident, you can only make one application to access your super during the 2019/20 financial year. You are not able to make an application for the 2020/21 financial year.

Will BT be able to pay my early release of super payment?

BT is confident in being able to facilitate all early access to super requests from eligible members, as BT’s investment options, including MySuper LifeStage options, have minimal exposure to illiquid assets.

Will I get taxed on this payment?

No, this early withdrawal payment is considered tax free and should not impact any social security benefits you may be receiving.

Time frames

When will the payment be made once I have made the request to the ATO?

The ATO will review your information and determine if your application is approved or declined. For approved applications, the ATO will provide a copy of the determination to you and another to your super fund.

My application has been approved by the ATO, when will I receive my payment?

We are working hard to process requests as quickly as possible to support our customers through this challenging time.

Generally, we expect to make payments within five business days from when we receive an approval from the ATO. The daily ATO file of approvals can be sent at any time of the day, and sometimes overnight, which may extend the time for us to start processing by 1-2 days.

If we have incorrect information, or we need to sell investments in your super account to fund the payment, which can be the case with products such as BT Wrap and Asgard, it may take longer than five days. If we have incorrect information, we may need to contact you to confirm your details.

We will send you an SMS or email (using information we have on file) when we have made the payment to your bank account. Depending on your bank, it can take a further one to two business days for the money to arrive in your account. We recognise this is a challenging time and we appreciate your patience.

You have had my request more than 5 days, where is my payment?

Generally, we expect to make payments within five business days from when we receive an approval from the ATO. The daily ATO file of approvals can be sent at any time of the day, and sometimes overnight, which may extend the time for us to start processing by 1 to 2 days. It’s possible that we have incorrect information in relation to your request, which is delaying our processing, or that we need to sell investments and in these instances it may take longer than five days. We may also need to speak to you to confirm your details.

We are doing everything possible – including boosting our Operations team by several hundred people - so we can process requests as quickly as possible.

We will send you an SMS or email (using information we have on file) when we have made the payment to your bank account. Depending on your bank, it can take a further one to two business days for the money to arrive in your account. We recognise this is a challenging time and we appreciate your patience.

How will I know once the funds are paid to my bank account?

If we have your mobile phone number and email address, we’ll notify you either via SMS or email once the payment has been made to the bank account you nominated to the ATO when you submitted the application.

Issues and troubleshooting

Are my details up to date with you? What if the ATO give you different details to what I have with BT?

Before submitting your application through myGov, log in to your super account at bt.com.au/login and check we have your current contact details such as mobile number and email address. You will also be able to check the current balance of your account.

Why is my super balance in myGov appearing as $0?

Your super balance in myGov and ATO online may be appearing as $0, or ‘not reported’ as you may have commenced a new account with BT after 30 June 2019. This includes instances where we may have moved your account to a new BT Super account which we have previously communicated to you. Please note, even though the amount displayed for your current balance is $0, you can still enter a specified amount (up to the maximum of $10,000) to apply for your early access to super.

We provide super balances to the ATO at the end of each financial year and therefore your account may not have been included in the last report provided to the ATO.

Log in to your super account at bt.com.au/login to check your current super balance.

Why is the amount I received different?

The amount you receive may be different to the amount you requested if the amount you re-quested was higher than your account balance at the time we processed your payment.

The ATO only receives super balance updates once a year around 30 June, so the balance that appears in your myGov account may often be out of date and inaccurate. To access your most accurate super balance, please login to the online portal for your fund or contact us over the phone.

We have recently sent updated balances to the ATO for members that were transferred to BT Super earlier this year, so that the balances that appear in myGov are closer to your current balance. Super balances can go up or down on a daily basis due to movements in the underlying investments, such as shares, contributions being paid into the account or fees or insurance premiums being deducted or a previous early release of super payment from your account.

It’s important to note that share markets have fallen since the COVID-19 pandemic emerged, meaning many people have seen their super balances reduce.

I’ve been told the details I have provided you are incorrect or need to be changed?

If the details that the ATO sends to us do not match the details we have on file, we may need to contact you to confirm these details prior to processing the payment. We have increased our number of Customer Relations Consultants so this process can be accelerated.

What happens if I withdraw all of my super during this time?

If you have requested to withdraw your full balance, we’ll keep your super account open to make it easier for you if you would like to make future super contributions or for tax purposes This will also ensure that if you had any insurance cover, it will continue. To maintain your insurance you’ll need to make a contribution for the amount of the insurance premium. If you would like to close your account please con¬tact our Customer Relations team.

I recently requested to rollover my other super accounts into my BT super account. Is the money in my account yet?

If you’ve recently requested to rollover funds into your BT Super account from other super accounts you hold, you’ll need to make sure this process has been completed before you apply directly to the ATO for early access to your super. This is to ensure your account has sufficient funds to pay for your early release request.

To check if this has been completed, login to your BT Super account and check the account balance.

We're here to help

For more information about early access to super, visit the ATO web site at https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/early-access-to-your-super/

If you have any questions, speak to your financial adviser, call our Customer Relations team on 132 135 from 8:30am to 5:30pm (Sydney time) Monday to Friday, or contact us any time via our online form at bt.com.au/contact-us

Please note we are currently experiencing higher than usual volumes of support requests. We are working hard to answer your calls and emails.

For up-to-date information about your funds, login to the app, online portal or online banking site relevant to your investment.

During this changing environment, we know you may be looking for information on how we are managing this event now and in the future.

Important information

Information is current as at 28 July 2020. The information in this email is factual only and does not constitute financial product advice.

This information does not take into account your personal objectives, financial situation or needs. Before acting on it you should seek financial and taxation advice to determine its appropriateness to your objectives, financial situation and needs. This email provides an overview or summary only and should not be considered a comprehensive statement on any matter or relied upon as such. An investment in a superannuation product offered through BT or Westpac is not a deposit with or any other liability of Westpac Banking Corporation ABN 33 007 457 141 (the Bank) or any other company in the Westpac group. It is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. Neither the Bank nor any other company in the Westpac group has issued, stands behind or otherwise guarantees the capital value or investment performance of any of these superannuation products.