SMSF members can apply for release of their super under the COVID-19 early access arrangements through myGov.
The ATO will then issue them with a determination advising of their eligibility to withdraw an amount. When the Trustees receive the determination from the member, They will be authorised to release the amount of super stated in the determination. If the current balance of the member’s account is less than the amount approved in the determination, they can release the lesser amount.
The amount is not subject to PAYG withholding and does not need to be reported on a PAYG payment summary.
As with any significant fund decision, the request, acceptance and payment should be documented in a fund minute or resolution. The application from the member should be kept on file for year end audit purposes