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Showing 101 - 110 of 168 results for "ERS"

FPA accuses ASIC of price gouging

ELIZA BAVIN  |  MONDAY, 15 JUN 2020
... for the COVID-19 relief measures including relief to facilitate advice to individuals financially affected by COVID-19 about ERS, relief extending the period for giving Statements of Advice and relief to allow a Record of Advice to be given instead of ...

ERS payments reach $15bn

ELIZA BAVIN  |  MONDAY, 15 JUN 2020
Almost $15 billion has been removed from Australia's superannuation system, but the number of weekly applications has started to reduce. Over the week to June 7, superannuation funds made payments to 167,000 members, bringing the total number of payments ...

No slowing ERS applications

ELIZA BAVIN  |  TUESDAY, 9 JUN 2020
Around 177,000 applications for the Early Release of Super scheme were received in the week ending May 31, as the total approaches two million. Since the inception of the scheme in mid-April, payments that have been made to eligible members have taken ...

Senator criticises lazy super system

JAMIE WILLIAMSON  |  FRIDAY, 5 JUN 2020
... mind to their super for the first time," Hume said. Hume went on to say she doesn't believe it's accurate to say the ERS is the reason for concerns around super fund liquidity. "If $14.5 billion has come out of super, putting that into perspective ...

Asgard, Future Super shamed on ERS

ELIZABETH MCARTHUR  |  THURSDAY, 4 JUN 2020
... actions on funds that are underperforming to such an egregious extent?" Leigh asked. Lonsdale said APRA wants the timeframes for ERS payments to be short, but he couldn't say whether APRA would take any real action against funds that do not perform. ...

Raiz Super bleeds red

ALLY SELBY  |  WEDNESDAY, 3 JUN 2020
... with total FUM now sitting at $66.43 million. In total, $6 million has been withdrawn from Raiz's super offering since the ERS kicked off, with the platform expecting further withdrawals in July. However, Raiz Invest chief executive George Lucas maintains ...

No slowdown in sight for ERS applications

ELIZA BAVIN  |  MONDAY, 1 JUN 2020
Despite COVID-19 restrictions easing across the country, applications for the Early Release of Super scheme have shown no sign of slowing, according to APRA's weekly data. Over the week to May 24, superannuation funds made payments to 220,000 members ...

ERS emerges as tax loophole for expats

ALLY SELBY  |  FRIDAY, 29 MAY 2020
The government's early release scheme has opened up a handy loophole for expats living in Australia, helping them withdraw their super balances tax-free. Normally, temporary Australian residents would face a 35% tax on the taxable component of their ...

SMSFs to weather the storm

ELIZA BAVIN  |  THURSDAY, 28 MAY 2020
... the pain, the ATO has said it is on the lookout for those who instead attempt to rort the system. One potential loophole the ERS scheme exposed was allowing a person to withdraw $10,000 only to put the money back in and claim a tax deduction on the amount. ...

APRA quashes super liquidity concerns

HARRISON WORLEY  |  THURSDAY, 28 MAY 2020
... Financial Regulators - which includes ASIC and the RBA - in the "early days" of the pandemic, when forecasts around the use of the ERS were still varied. "You had the Treasury forecasts and then you had quite a range of views from the industry about ...