POWERED BY MOMENTUM MEDIA
Early release super fraud detected
The Australian Taxation Office (ATO) has called in the Federal Police to investigate incidences of apparent fraud against the Government hardship superannuation early release scheme.
The ATO has denied, however, that its systems have been hacked.
“Measures designed to protect the integrity of the early access to superannuation scheme have helped detect a small amount of fraudulent activity associated with the program,” the ATO said in an official statement. “ATO systems were not hacked.”
According to reports, the AFP were investigating up to 150 potential victims.
“A small number of people appear to have had personal details unlawfully used in a bid to defraud the program. This has been stopped and the impacted individuals are being contacted,” the ATO said.
“The matter is currently under investigation by the AFP and for operational reasons we are unable to comment further at this stage."
Addressing the select committee today, ATO commissioner, Chris Jordan, said: “I would remind all Australians to be vigilant in keeping their personal information secure and private.
“While we know most Australians want to do the right thing, our robust compliance systems and partnerships with other agencies will allow us to quickly identify those intending to fraud the system.”
The early access to super scheme is eligible for people suffering financial hardship due to the COVID-19 pandemic.
Recommended for you
The Future Fund’s CIO Ben Samild has announced his resignation, with his deputy to assume the role of interim CIO.
The fund has unveiled reforms to streamline death benefit payments, cut processing times, and reduce complexity.
A ratings firm has placed more prominence on governance in its fund ratings, highlighting that it’s not just about how much money a fund makes today, but whether the people running it are trustworthy, disciplined, and able to deliver for members in the future.
AMP has reached an agreement in principle to settle a landmark class action over fees charged to members of its superannuation funds, with $120 million earmarked for affected members.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
