Hot Issues
spacer
The real value of advice
spacer
Taking a deeper dive into indexation of the transfer balance cap
spacer
ASIC sounds warning around high-yield bond scams
spacer
How to pass the diversification test
spacer
Rollout of Director ID Numbers (DIN) is ahead of schedule
spacer
The perks of staying invested
spacer
Retirees proceeding with downsizing plans as confidence rises
spacer
Early access boosted interest in advice
spacer
Vaccination rates as they happen around the world
spacer
Approaching the dawn
spacer
Videos and other resources for our clients
spacer
Retirement the ‘number one trigger’ for financial advice
spacer
‘Unfinished superannuation business’ to watch for in 2021
spacer
Superannuation ideas for 2021
spacer
Retirees need new super investment approach
spacer
Returning expats reminded on tax snares with pensions, investments
spacer
2020 is coming to an end. Phew!!
spacer
ATO flags key deadlines for early release of super
spacer
Retirement costs rising despite COVID impacts
spacer
Government targets fund expenditure, best interests in new super reforms
spacer
Small SMSFs develop rapidly
spacer
Investing basics for first timers
spacer
Behind the dash in new market listings
spacer
Super, death, and taxes
ATO flags key deadlines for early release of super

 

With the end of the year drawing closer, the ATO has outlined some of the cut-off dates and deadlines applying for members wanting to apply for the early release of their super.

 

       

In an online update, the ATO said that for superannuation members who are eligible for COVID-19 early release of super and intent on applying, they may apply through ATO online services in myGov before 11 December 2020.

“In most cases, this should allow enough time for us process their application and for you to release the money,” said the ATO update.

Access to COVID-19 early release of super closes on 31 December 2020. Members can apply online up to this time, the ATO reminded members and professionals.

“Applications cannot be backdated or accepted after 31 December 2020,” it cautioned.

The ATO assured members that as long as applications are submitted by the deadline, they will be processed.

“As long as we receive your members’ application by the deadline, we will process it. However, confirmation notifications from us and payments from [funds] may be delayed due to the holiday season and can continue into January 2021,” it said.

The ATO also added that if members require a compassionate release of super determination letter before Christmas, they will need to apply through ATO online services in myGov by 4 December 2020.

Members should also take into consideration the time it will take for funds to receive the determination and make the payment, it said.

 

 

Reporter
26 November 2020
smsfadviser.com

 

Pattinson Financial Services Pty Ltd ABN 17 121 851 376 is a Corporate Authorised Representative of Infocus Securities Australia Pty Ltd
ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523

Tel: +61 2 8850 6888 | Fax: +61 2 8850 6407 | Toll Free 1300 466 637 | PO Box 6253 Baulkham Hills BC NSW 2153

site By PlannerWeb