Rebuilding individuals’ superannuation holdings is growing as an issue after a Treasury prediction of an eventual $42 billion hit by the pandemic early-release scheme since April to the nation’s $2.73 trillion in pre-scheme super assets, even though one of the two application windows closed on July 30. A withdrawal tranche can cover more than one account and can total up to $10,000.

The Taxation Office’s guidance is that “to be eligible to withdraw an amount under the COVID-19 early release of super, the money released must be to assist you to deal with the adverse economic effects of COVID-19’’.