It’s a short Super Alert this week with further COVID-19 updates from the ATO and an update on ASIC’s enforcement activities.
ATO issues further early release of super information
On 28 April 2020, the ATO released CRT 022/2020 ‘Coronavirus early release of super – updated questions and answers’, after releasing the following two alerts earlier in the week:
- CRT 021/2020 ‘Coronavirus early release of super data files’; and
- CRT 020/2020 ‘Update – interest in coronavirus early release of super’.
Senate Committee hearing into COVID-19 measures
On 28 April 2020, the Senate Select Committee on COVID-19 held a public hearing to ‘inquire into and report on the Australian Government’s response to the COVID-19 pandemic’. In relation to the early release of superannuation it was noted that 757,000 applications have been approved by the ATO which equates to $6.3 billion.
The Committee is required to prepare a final report to the Senate (with an apparently long time frame) by 30 June 2022.
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ASIC publishes Enforcement Update
On 29 April 2020, ASIC released its enforcement update which sets out its key actions from 1 July 2019 to 31 December 2019. The key areas of misconduct for the financial services industry were dishonest conduct, misleading statements and misappropriation.
This article was written by Natalie Cambrell, Partner and Sanela Osmanovic, Senior Associate.