How super is affected

If you are considering withdrawing funds from your superannuation (a limit of $10,000 applies this financial year), HLB Mann Judd’s Mariana von-Lucken suggests thinking about how long it took to build up your balance.

“If it took no time to build it, then it will likely not take much time to build it up again. But if it took years, then people should consider other ways to manage cash flow,” she says.

Government packages have been released quickly to deal with Covid-19 and some are still being tinkered with, says von-Lucken. Tax agents are asking questions and the government is releasing updates, which are helping to navigate details of the new rules.

For retirees, the government has halved the minimum rate to be deducted from an allocated pension. “This is useful because investments have probably plummeted and it’s good not to have to realise those losses.”