ATO flags key deadlines for early release of super

 

With the end of the year drawing closer, the ATO has outlined some of the cut-off dates and deadlines applying for members wanting to apply for the early release of their super.

 

       

In an online update, the ATO said that for superannuation members who are eligible for COVID-19 early release of super and intent on applying, they may apply through ATO online services in myGov before 11 December 2020.

“In most cases, this should allow enough time for us process their application and for you to release the money,” said the ATO update.

Access to COVID-19 early release of super closes on 31 December 2020. Members can apply online up to this time, the ATO reminded members and professionals.

“Applications cannot be backdated or accepted after 31 December 2020,” it cautioned.

The ATO assured members that as long as applications are submitted by the deadline, they will be processed.

“As long as we receive your members’ application by the deadline, we will process it. However, confirmation notifications from us and payments from [funds] may be delayed due to the holiday season and can continue into January 2021,” it said.

The ATO also added that if members require a compassionate release of super determination letter before Christmas, they will need to apply through ATO online services in myGov by 4 December 2020.

Members should also take into consideration the time it will take for funds to receive the determination and make the payment, it said.

 

 

Reporter
26 November 2020
smsfadviser.com

 

More Articles

Most Spoken Languages in the World

Check out the Most Spoken Languages in the...

Read full article

SMSF assets reach record levels amid share market rally

How SMSF trustees are investing their retirement savings. . Over 1.1 million Australians are now...

Read full article

Income-free areas set to increase from 1 July

People nearing retirement often want to know how much they can earn before it affects their pension, and now...

Read full article

Many Australians have a fear of running out

Longevity risk is a growing concern for many working Australians as well as retirees. . The fear of...

Read full article

LRBA interest rates increase for 2025

The safe harbour interest rate for related party limited recourse borrowing has changed for...

Read full article

How to get into the retirement comfort zone

A third of Australians retire without a plan. Here's why you should have one. . Working and generating a...

Read full article

Compliance focus impacts wind-ups

The ATO’s strategic increased focus on compliance is having a noticeable effect on the sector and is now the...

Read full article

NALE bill passed by parliament

The bill that will introduce changes to the non-arm’s-length expenditure (NALE) provisions has passed...

Read full article

Sofie Korac is an Authorised Representative (No. 400164) of Prudentia Financial Planning Pty Ltd, AFSL 544118 and a member of the Association of Financial Advisers.

Financial Advice Sydney and the North Shore Office based in Gordon NSW

Financial Services Guide - Disclaimer & Privacy Policy

^