ATO website CRASHES as thousands rush to withdraw superannuation

ATO website CRASHES as thousands of Australians rush to withdraw second $10,000 from their superannuation

  • The Australian Taxation Office website crashed on Wednesday due to high traffic
  • From July 1, Australians could access a second $10,000 from their super fund 
  • Website crashed 30 minutes into the new financial year, with outages from 12.14

The Australian Taxation Office website has crashed as thousands have rushed to withdraw a second $10,000 from their superannuation.

Australians struggling financially amid the coronavirus pandemic were granted another opportunity to dip into their retirement fund from July 1. 

The site crashed within half an hour of the new financial year, with users reporting outages from as early as 12.14am on Wednesday morning.

The Australian Taxation Office website has crashed 30 minutes into the new financial year due to high volumes of traffic

The Australian Taxation Office website has crashed 30 minutes into the new financial year due to high volumes of traffic

The federal government launched the Early Release Super Scheme April, allowing Australians to access $20,000 of their superannuation over two years.

The first $10,000 could be withdrawn during the 2019-20 financial year, and the same amount again during the 2020-21 financial year. 

More than 2.2 million approved applications have withdrawn a combined total of $18.5 billion.       

Many citizen and permanent residents appeared to still be cash-strapped, flooding back on Wednesday to complete the second round of withdrawal applications.  

Customers were meet with an error message that read: ‘We’re currently experiencing a high volume of traffic.

‘We understand significant numbers of people need to access our online services.

‘We are proactively managing our online traffic so that systems continue to be available. Thank you for your patience.’ 

Applications for accessing super early in the 2020-21 financial year close on September 24. 

WHO CAN ACCESS COVID-19 EARLY RELEASE OF SUPER 

Citizens and permanent residents

Citizens and permanent residents are able to apply to access a further $10,000 over their superannuation from July 2020 1 until 24 September 2020.

Applicants must satisfy one or more criteria:  

  • You are unemployed.
  • You are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance.
  • On or after 1 January 2020, either: you were made redundant, your working hours were reduced by 20% or more, your business was suspended or there was a reduction in your turnover of 20% or more. 

SOURCE: AUSTRALIAN TAX OFFICE

Advertisement

Advertisement