POWERED BY MOMENTUM MEDIA
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
HESTA is celebrating its achievements in promoting gender parity across the ASX 300.
AustralianSuper is back in the headlines as a result of its sizeable exposure to Nvidia, with its CEO insisting DeepSeek hasn’t dented US exceptionalism.
Among the most significant issues within its regulatory remit, ASIC has highlighted unsuitable superannuation advice resulting in adverse consumer outcomes.
The superannuation industry has welcomed the government’s intent to develop service standards for all APRA-regulated superannuation funds in the areas of death benefit claims, insurance claims, and member communications.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Ausbil Active Dividend Income Dis AUD
127.58 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
31.72 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(%)
