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:
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
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