Early Access to super

This is not financial advice. This is a story of how I applied for 10k release from my retirement savings and what I spent that money on.

Earlier this year, the Australian tax office allowed Australians the ability to withdraw up to 10k from their superannuation if they had been impacted by the pandemic financially. (super = superannuation = retirement savings)

I went through this process myself. All of the income from my side business had all completely dried up. I was previously helping YOW! conference promote their conferences at tech meetup groups around Sydney, when all meetup events were cancelled all of that income dried up. So I met a condition of release.

The process

I put in an application to the ATO on Friday the 28th of August, by Monday the 31st I got a text message saying the ATO had approved the application. By Wednesday the 2nd of September I had an 10k in my bank account. Oh I’ve never felt so rich before. I was surprised at how quick the process was.

Where did that money go?

I used 2k to pay off a credit card, put 2k into my emergency savings (it was at zero before this point), and 1k put aside for my business to get that restarted. The remainder 5k was re invested. I put 1k into property via brickX and the rest in shares through commsec/commsec pocket.

I know this re-investment isn’t the best option, I’m moved that money out of a low tax environment into a high tax environment. I used half of that money to help me get my financial ducks in a row and it is such an awesome feeling to experience.

The only debt I have left to pay is my personal loan which is at 18K and my HECS debt.

What would you do if 10k came into your account?


  1. If £10k appeared for me, I’d definitely try to resist splurging it on something unnecessary. Not like I

    I’d put £1k into a SIPP for my son, as knowing how much a pension can grow with 50+ years means it will give him a boost for when he starts working and eventually retires.
    I’d help top up my emergency fund, which I’m storing in Premium Bonds (which are a treasury backed lottery, except if you don’t win you still keep you money. Alternative to a savings account, and could win up to £1m a month).
    I’d also stick a load into my ISA, where I buy the Vanguard All World fund.

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