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Showing 111 - 120 of 168 results for "ERS"

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Over $10 billion has been withdrawn under the government's Early Release of Super scheme, with 70% paid out by just 10 funds.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 ...

Super must come together over cybercrime

HARRISON WORLEY  |  THURSDAY, 14 MAY 2020
... whether any more could be done to protect Australians. Early on, super funds were concerned of the dangers of fraud in the ERS initiative, raising concerns about increased levels of fraudulent activity as it was rolled out.

Industry funds revise ERS modelling

HARRISON WORLEY  |  WEDNESDAY, 13 MAY 2020
... balances. An ASIC missive caused the peak body for industry superannuation to reconsider how it calculated the impact of the ERS initiative on retirement balances of super fund members, a response to a Parliamentary Joint Committee on Corporations and ...

Majority of ERS applications from low balance accounts: AMP

ELIZA BAVIN  |  WEDNESDAY, 13 MAY 2020
Over 70% of ERS applications have come from members with account balances with less than $50,000, according to analysis from AMP. AMP said members working in the hospitality, arts, recreation, manufacturing and wholesale trade industries had highest ...

APRA releases fund-level ERS data

JAMIE WILLIAMSON  |  MONDAY, 11 MAY 2020
... chair Helen Rowell said the figures show super trustees understand the importance of paying people quickly. Processing of ERS application resumed as of yesterday after having been paused to allow for enhancement of ATO systems and to assist an Australian ...