The latest figures released on Monday show that $30.3 billion in payments had been made to members up to 2 August.
A further 103,000 payment applications were received in the week to 2 August, which were approximately evenly split between repeat applications and first applications.
Total payments of $1 billion were made to 129,000 members during the week.
Funds had paid out around 97 per cent of applications received, up from 96 per cent the week before. APRA commented that funds were beginning to get through the backlog of applications received since the beginning of the financial year.
In APRA’s data collection program, 151 of the 175 funds made payments during the week to 2 August, indicating demand for early release was widespread across industries.
Around three million initial payment applications have now been received by super funds, as well as 1.1 million repeat applications.
Yes a whole bunch of Australians accessed their super monies, including a very large tranche of public servants – good luck getting that back but the good news is that the public servants got a pay rise during this crisis and get SG conts of around 12.75% plus the 5% they then have to voluntarily contribute so they will get those balances back pretty quickly. The ISA is crying foul but not sure why? The net contributions to APRA regulated funds to March 2020 was $48bill (that is after benefit payments). So they didn’t get their usual 8.8% increase but will recoup payments pretty quickly. All this fuss over about 62% of a normal years contributions – once. They get these contributions every year and yes they will be down in certain sectors but it is not a permanent problem? What else is going on?
do you have evidence that a large tranche of public servants withdrew super?
So tax on withdrawals and penalties to come for people who withdraw that do not satisfy the withdrawal rules.
Any word on how many have taken out their $10k in breach of the rules either deliberately or fraudulently. And when the ATO will start data matching to catch people. When they lodge their returns i guess. Can people dob themselves in and put the money back?
How will they data match someone saying their hours are down 20% ANYTIME after 1 January. How will they prove this is not the case ? Impossible, they won’t even bother.
The ATO will audit a small number (have heard around 500) and go into the details required to make sure people qualified. If they see a pattern of breaches that make it worthwhile to follow up, they will increase the size of their audit team.