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
Data and technology provider Novigi has acquired Iress’ superannuation consulting and managed services business from Apex Group.
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
