ATO to speed up early super release
The Turnbull Government has transferred responsibility for the early release of super on compassionate grounds to the Australian Taxation Office (ATO), effective 1 July this year.
Given the ATO is responsible for the majority of an individual’s interactions with super, the change would enable the regulator to provide a “more streamlined service” to members.
The Minister for Revenue and Financial Services, Kelly O’Dwyer, said the changes would expedite the assessment of early release applications, improve the integrity of the process, and allow the funds to be released more quickly.
The new process would see the ATO provide electronic copies of approval letters to super funds and the applicant with the intention of mitigating fraud risk, while negating the need for super funds to independently verify the letter.
O’Dwyer thanked the DHS and its staff for administering early release provisions, and noted it would continue to accept applications until 30 June.
AUTHOR
Anastasia Santoreneos
Recommended for you
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
Iress has appointed Insignia Financial’s former general manager of master trust and insurance products as its newest CEO of superannuation, who will take over from Paul Giles.
