Fund reveals how ATO revoked early release requests

11 June 2020
| By Mike |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 4 months ago
Kevin Gorman

Super director remuneration ...

1 year 4 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 4 months ago

Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transf...

9 hours ago

The International Monetary Fund (IMF) has issued a sobering assessment of the global economic landscape in its latest World Economic Outlook, dramatically revised after D...

11 hours ago

Growth from the listed company’s key businesses has propelled Generational Development Group to new milestones in the three months to 31 March....

12 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND