POWERED BY MOMENTUM MEDIA
Early release super fraud detected
The Australian Taxation Office (ATO) has called in the Federal Police to investigate incidences of apparent fraud against the Government hardship superannuation early release scheme.
The ATO has denied, however, that its systems have been hacked.
“Measures designed to protect the integrity of the early access to superannuation scheme have helped detect a small amount of fraudulent activity associated with the program,” the ATO said in an official statement. “ATO systems were not hacked.”
According to reports, the AFP were investigating up to 150 potential victims.
“A small number of people appear to have had personal details unlawfully used in a bid to defraud the program. This has been stopped and the impacted individuals are being contacted,” the ATO said.
“The matter is currently under investigation by the AFP and for operational reasons we are unable to comment further at this stage."
Addressing the select committee today, ATO commissioner, Chris Jordan, said: “I would remind all Australians to be vigilant in keeping their personal information secure and private.
“While we know most Australians want to do the right thing, our robust compliance systems and partnerships with other agencies will allow us to quickly identify those intending to fraud the system.”
The early access to super scheme is eligible for people suffering financial hardship due to the COVID-19 pandemic.
Recommended for you
Governor Michele Bullock took a more hawkish stance on Tuesday, raising concerns over Donald Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
