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Showing 101 - 110 of 162 results for "ERS"

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 ...

ERS withdrawals surpass $10bn

ELIZA BAVIN  |  MONDAY, 25 MAY 2020
Over $10 billion has been withdrawn under the government's Early Release of Super scheme, with 70% paid out by just 10 funds. Over the period from April 20 to May 17, payments that have been made to eligible members have taken an average of 3.3 ...

From fines to prosecution: The penalties are in

ELIZA BAVIN  |  THURSDAY, 21 MAY 2020
... eligible. The ATO has urged all Australians to carefully review the eligibility criteria and to be honest when applying for the ERS scheme. "We will be reviewing applications and where we have concerns that the claim was not made genuinely, we may apply ...

Advisers involved in ERS scams: ASIC

ELIZABETH MCARTHUR  |  WEDNESDAY, 20 MAY 2020
ASIC superannuation senior executive leader Jane Eccleston has written an article pointing to financial advisers as part of the problem in scams targeting people's super amid COVID-19. Eccleston said: "ASIC is concerned that some advisers may use the ...

ATO allows ERS access to New Zealanders

ELIZA BAVIN  |  WEDNESDAY, 20 MAY 2020
... In an update to its Design and Implementation document, the ATO said those with a KiwiSaver account are able to access the ERS scheme if they transfer their funds to an Australian super fund. "New Zealand KiwiSaver accounts are not eligible. However ...

APRA releases latest ERS data

ELIZA BAVIN  |  MONDAY, 18 MAY 2020
APRA has released the newest ERS statistics for the week ending May 10, revealing funds have slipped in meeting the five-day deadline. The weekly report shows 94% of funds paid applications within five business days, down from 96% the previous week. ...

Few funds immune to ERS

ELIZABETH MCARTHUR  |  THURSDAY, 14 MAY 2020
Fears super funds with memberships concentrated in the industries hit hardest by the COVID-19 shutdown would feel the pain of early release more are proving largely unfounded, with funds of all kinds seeing withdrawals. While much speculation surrounded ...