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:
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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