ATO alone wholly responsible for identifying super early release applicants

ATO mygov AUSTRAC Jane Hume superannuation early release

30 March 2020
| By Mike |
image
image
expand image

The Federal Government has confirmed that the Australian Taxation Office will be wholly responsible for identifying and verifying hardship early release superannuation candidates, with no involvement on the part of AUSTRAC.

The confirmation has been delivered by the Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator Jane Hume who has outlined an early release procedure in which the ATO will be the ultimate arbiter.

She said that AUSTRAC had confirmed that superannuation funds could rely on the ATO’s customer verification and that members would not even need to contact their superannuation funds at any time in the process.

Addressing a conference, Hume said that as far as administration goes, it will be as simple as possible, using existing mechanisms:

  • Applications are to the ATO via MyGov website;
  • The ATO will verify the applicant, assess the application, record the bank account details, and make a decision;
  • The ATO will then direct the nominated fund to release the requested amount to the bank account specified by the member;
  • AUSTRAC has confirmed that superfunds can rely on the ATO’s customer verification; and
  • The member does not need to contact the super fund AT ALL in the process.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 week 4 days ago

Interesting. Would be good to know the details of the StrategyOne deal....

2 weeks 1 day ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

1 month ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

4 weeks 1 day ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

2 weeks ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

1 week 6 days ago