This week’s Super Alert looks at the result of the first week of early release requests including APRA’s new reporting requirement and updates from the ATO.
ATO issues further early release of super information
On 20 April 2020, the ATO released CRT 017/2020 ‘Update – interest in coronavirus early release of super’, after releasing the following two alerts earlier in the week:
- CRT 16/2020 ‘Fund support for coronavirus early release of super’; and
- CRT 15/2020 ‘Coronavirus early release of super – eligibility, application and security controls’.
APRA announces new weekly data collection requirement
On 21 April 2020, APRA announced that it will require all trustees to ‘complete and submit APRA’s new Early Release Initiative (ERI) data collection form weekly until further notice’. The purposes of the data collection is to ‘help the Government, APRA and other stakeholders monitor the take-up of the new scheme among superannuation members, and ensure [trustees] are processing eligible applications in a timely manner’.
The first reporting deadline for the new data is Wednesday 29 April 2020.
ASIC and APRA release life insurance statistics
On 21 April 2020, ASIC and APRA released a new edition of the ‘Life Insurance Claims and Disputes Statistics’. The statistics show that between 1 January 2019 and 31 December 2019, 80% of death claims and 85% of TPD claims were paid under group life arrangements in superannuation.
Please click here to read more.
This article was written by Natalie Cambrell, Partner and Sanela Osmanovic, Senior Associate.