Fund reveals how ATO revoked early release requests
A parliamentary committee has been given some insight into the variability of how both the Australian Taxation Office and superannuation funds are handling the Government’s hardship early release superannuation scheme.
Answering questions from the House of Representatives Standing Committee on Economics, major industry fund LUCRF has pointed out that, on occasion, the ATO has been responsible for reversing early release arrangements.
The fund pointed to the fact that there were at least nine occasions on which the ATO had approved early release applications only to later revoke them.
Pointing out that LUCRF was not involved in the process of approving early release application requests, the fund said that as at 28 April 2020, LUCRF had been advised by the ATO that it had revoked nine applications that they had previously approved.
LUCRF pointed out that, as well, 44 applications were unable to be processed by the ATO due to the member either closing their account prior to receipt of the ATO request or the member requesting the cancellation of the ATO application.
Recommended for you
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.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
