Hot Issues
spacer
Small businesses may ‘collapse under strain of payday super’, IPA warns
spacer
ATO’s hands tied with scrapping on-hold debts, expert says
spacer
What Drives Your Business Growth and Profits?
spacer
Australian Taxation Office (ATO) shifting to firmer debt collection activity
spacer
Why employee v contractor comes down to fine print
spacer
Sharing economy reporting regime for platform operators
spacer
Countries producing the most solar power by gigawatt hours
spacer
Illegal access nets $637 million
spacer
Accessing superannuation benefits.
spacer
Does your business have a company Power of Attorney?
spacer
Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
spacer
GrantConnect
spacer
2 in 3 SMEs benefit from instant asset write-off, survey reveals
spacer
Updated guidance on R&D claims
spacer
Do you know how to recover debts?
spacer
Wheat Production by Country
spacer
Types of small business benchmarks
spacer
What is a Commercial Lease?
spacer
ATO warns advisers against suspect R&D tax claims
spacer
The year of workplace law upheaval
spacer
How to Resolve Invoice Payment Disputes
spacer
Raft of revenue tweaks in MYEFO to raise millions
spacer
The Countries that Export the Most Wine in the World
Article archive
spacer
Quarter 4 October - December 2023
spacer
Quarter 3 July - September 2023
spacer
Quarter 2 April - June 2023
spacer
Quarter 1 January - March 2023
spacer
Quarter 4 October - December 2022
spacer
Quarter 3 July - September 2022
spacer
Quarter 2 April - June 2022
spacer
Quarter 1 January - March 2022
spacer
Quarter 4 October - December 2021
spacer
Quarter 3 July - September 2021
spacer
Quarter 2 April - June 2021
spacer
Quarter 1 January - March 2021
spacer
Quarter 4 October - December 2020
spacer
Quarter 3 July - September 2020
spacer
Quarter 2 April - June 2020
spacer
Quarter 1 January - March 2020
spacer
Quarter 4 October - December 2019
spacer
Quarter 3 July - September 2019
spacer
Quarter 2 April - June 2019
spacer
Quarter 1 January - March 2019
spacer
Quarter 4 October - December 2018
spacer
Quarter 3 July - September 2018
spacer
Quarter 2 April - June 2018
spacer
Quarter 1 January - March 2018
spacer
Quarter 4 October - December 2017
spacer
Quarter 3 July - September 2017
spacer
Quarter 2 April - June 2017
spacer
Quarter 1 January - March 2017
spacer
Quarter 4 October - December 2016
spacer
Quarter 3 July - September 2016
spacer
Quarter 2 April - June 2016
spacer
Quarter 1 January - March 2016
spacer
Quarter 4 October - December 2015
spacer
Quarter 3 July - September 2015
spacer
Quarter 2 April - June 2015
spacer
Quarter 1 January - March 2015
spacer
Quarter 4 October - December 2014
Quarter 1 of, 2021 archive
spacer
ATO’s good-faith approach to crypto won’t last much longer
spacer
‘Much more complex’: ATO introduces new partnership profit guidelines
spacer
Cost of retirement up in December quarter
spacer
Contributing to Superannuation
spacer
ATO tipped to pounce once JobKeeper ends
spacer
What’s Happening to Small Business Loans in Australia?
spacer
ATO Revs Up As JobKeeper Set To End In March 2021
spacer
Small businesses urged to register assets before insolvency explosion.
spacer
ASIC sounds warning around high-yield bond scams
spacer
JobMaker Resources - ATO
spacer
Government mulls HECS-style business loans
spacer
Industry pressure forces ATO’s hand on STP deadline
spacer
$36bn withdrawn from super during COVID-19
spacer
ATO opens claims for first JobMaker quarter
spacer
Vaccination rates as they happen around the world
spacer
Toyota returns $18m in JobKeeper payments
spacer
Approaching the dawn
spacer
Videos and other resources for our clients
spacer
Brazen ATO scam costs Sydney woman $22k
spacer
Key dates for the second JobKeeper extension period
spacer
Returning expats reminded on tax snares with pensions, investments
spacer
80¢ per hour work-from-home deduction method extended
$36bn withdrawn from super during COVID-19

 

The latest report from the Australian Prudential Regulation Authority (APRA) has revealed that workers withdrew more than $36 billion from retirement funds through the early release of super.

 

       

The new data revealed that a total of 3.5 million initial applications were approved across the full period of the scheme as well as 1.4 million repeat applications approved during the second application period from 1 July 2020 to 31 December 2020. 

“The scheme was characterised by high levels of applications after the opening dates of each application period (20 April 2020 and 1 July 2020), with volumes tailing off in the later weeks of these application periods, particularly the second application period,” APRA said.

The report revealed that the average payment made over the course of the scheme was $7,638. Repeat applications were for an average amount of $8,268 while initial applications were for an average amount of $7,402. This resulted in the average application amount and payment amount in the second application period being slightly higher than in the first application period.

Funds were generally able to process applications and make payments in a timely manner throughout the duration of the scheme, according to APRA. Overall, funds took an average of 3.3 business days to make payments, with 95 per cent of payments completed within one to five business days.

Among all funds that made payments, 96 (63 per cent) completed more than 90 per cent of payments within the five business days guideline indicated by APRA. With limited exceptions (1.8 per cent), payments to members were completed within nine or fewer business days from receipt of applications by funds from the ATO.

The new data revealed the top 10 funds with the highest number of applications received accounted for 66 per cent of total early release payments and made 96 per cent of payments within one to five business days.

“Less than 8,000 applications… were still in process at 31 January 2021, mainly because funds had been unable to contact applicants to finalise payment,” APRA said.

 

 

Tony Zhang
09 February 2021
smsfadviser.com

 

site By AcctWeb