APRA – latest weekly data on the superannuation early release scheme
APRA has published the latest industry-level and fund-level data on the temporary early release of superannuation scheme. $10.6 billion in payments which represent 1.41 million applications have been processed between 20 April to 17 May 2020.
Do you have questions about your personal application?
APRA– latest weekly data on the superannuation early release scheme has set out a five day guidance period for payments after receipt of applications from the ATO by funds.
Acknowledging that these time frames may extend slightly when a Registered Superannuation Entity (RSE) licensee experiences a high volume of applications at any particular time.
Delays can also occur in exceptional circumstances – such as where the RSE licensee’s automated checking has identified that additional fraud or other verification steps are required, or where the payment is being made from interests held in defined benefit funds.
If you believe you have not received the funds you have applied for within a reasonable time frame, it is recommended that you contact your trustee directly to determine if there is a specific reason for the delay.
Our team at Gerard Wilkes & Associates are here to help and understand that the current climate is causing a lot of confusion and may even overwhelm many.
If you would like to discuss the above article further or require some Business advice or assistance give us a call on 07 5532 1733 or make an enquiry via www.wilkes.com.au/profiler-form.