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

 

Want to know more?

Do you have a question about something you’ve read in this article? Need more information? Want to book an appointment? Simply let us know below and we’ll get back to you ASAP.

Share this article

Share on facebook
Facebook
Share on linkedin
LinkedIn
Share on twitter
Twitter
Share on email
Email

Recent Posts

Financial Planning

Super, death, and taxes

 

An interesting finding in the federal government's Retirement Income Review report is that many Australians are dying with the majority of the wealth they had when they retired.

 

Read More >
Financial Planning

Investing basics for first timers

 

The students of 2020 are graduating to the adult world in one of the most uncertain times in recent history amid recession, pandemic and global political tensions. In times like these, knowing the basics of how to get started down the road to prosperity is more important than ever.

 

Read More >