The Federal Government has confirmed that the Australian Taxation Office will be wholly responsible for identifying and verifying hardship early release superannuation candidates, with no involvement on the part of AUSTRAC.
The confirmation has been delivered by the Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator Jane Hume who has outlined an early release procedure in which the ATO will be the ultimate arbiter.
She said that AUSTRAC had confirmed that superannuation funds could rely on the ATO’s customer verification and that members would not even need to contact their superannuation funds at any time in the process.
Addressing a conference, Hume said that as far as administration goes, it will be as simple as possible, using existing mechanisms:
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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