Latest News
Hot Issues
Federal Budget 2021 - Overview
Building a more secure and resilient Australia
Federal Budget 2021 - Health
ATO signals crackdown on 4 ineligible work-from-home claims
Taxpayers urged to keep work-from-home records
Businesses feeling ‘adverse’ impacts of COVID-safe measures: ABS
New insolvency rules commence
ATO promises not to ‘destroy’ businesses as it resumes debt collection
5 strategies for successful ‘work from home’ policies
Small businesses: don’t forget your FBT concessions
ATO chases $172bn in undeclared contractor income
‘Penalties will resume’: ATO flips the switch on debt recovery
JobMaker Hiring Credit rules and reporting
ATO data-matching: JobMaker
A broad range of Calculators.
ATO Small Business Newsroom
ATO’s good-faith approach to crypto won’t last much longer
‘Much more complex’: ATO introduces new partnership profit guidelines
Cost of retirement up in December quarter
Contributing to Superannuation
ATO tipped to pounce once JobKeeper ends
What’s Happening to Small Business Loans in Australia?
ATO Revs Up As JobKeeper Set To End In March 2021
Small businesses urged to register assets before insolvency explosion.
ASIC sounds warning around high-yield bond scams
JobMaker Resources - ATO
Articles archive
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
$36bn withdrawn from super during COVID-19

 

The latest report from the Australian Prudential Regulation Authority (APRA) has revealed that workers withdrew more than $36 billion from retirement funds through the early release of super.

 



       


The new data revealed that a total of 3.5 million initial applications were approved across the full period of the scheme as well as 1.4 million repeat applications approved during the second application period from 1 July 2020 to 31 December 2020. 


“The scheme was characterised by high levels of applications after the opening dates of each application period (20 April 2020 and 1 July 2020), with volumes tailing off in the later weeks of these application periods, particularly the second application period,” APRA said.


The report revealed that the average payment made over the course of the scheme was $7,638. Repeat applications were for an average amount of $8,268 while initial applications were for an average amount of $7,402. This resulted in the average application amount and payment amount in the second application period being slightly higher than in the first application period.


Funds were generally able to process applications and make payments in a timely manner throughout the duration of the scheme, according to APRA. Overall, funds took an average of 3.3 business days to make payments, with 95 per cent of payments completed within one to five business days.


Among all funds that made payments, 96 (63 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.8 per cent), payments to members were completed within nine or fewer business days from receipt of applications by funds from the ATO.


The new data revealed the top 10 funds with the highest number of applications received accounted for 66 per cent of total early release payments and made 96 per cent of payments within one to five business days.


“Less than 8,000 applications… were still in process at 31 January 2021, mainly because funds had been unable to contact applicants to finalise payment,” APRA said.


 


 


Tony Zhang
09 February 2021
smsfadviser.com


 




12th-February-2021

| home | our firm | about us | our compliance services | our consulting services |
| our pricing structure | secure FTP | latest news | links | contact us
|

CORPTAX SOLUTIONS Pty Ltd Chartered Accountants & Registered Tax Agents
ABN 83 095 268 358 | 23 St Helier Drive SORRENTO, WA. 6020 Australia | Phone: + 61 8 9246 9536 | Fax: +61 8 9246 9588
e-mail : info@corptaxsolutions.com.au

Site By AcctWeb