POWERED BY MOMENTUM MEDIA
REST reveals the comparative dimensions of early release
The dimensions of the Government’s hardship superannuation early release package on the largest industry fund in the retail sector, REST, have been revealed.
REST has used a response to written questions from the House of Representatives Standing Committee on economics to reveal that, as at the week ended 26 April it had dealt with 65,457 early release requests via the Australian Taxation Office (ATO) amounting to $484,291,161.
However, the fund made clear that it did not have 100% visibility on the exercise.
“Requests for payment under the conditions of compassionate grounds, including existing criteria as well as the new COVID-19 Temporary Early Release conditions, are received and assessed by the Australian Taxation Office (ATO), and REST do not have visibility of the requests made to the ATO that are not approved, and are not received by the fund,” it said.
The fund said that, on this basis, it was not able to provide information on the number of members who had requested early release.
The large numbers of REST members access the Government’s COVID-19 early release package was compared to those who had sought early release under the more normal criteria.
REST revealed that 288 members had sought and gained early release on compassing grounds with the monies involves totalling $4,926,821 while 614 severe financial hardship cases had been dealt with totalling $4,662,406.
There were also 15 permanent incapacity cases which had resulted in the release of $561,076.
Recommended for you
AMP has reported a stable half-year result in superannuation, with improving cash flows and solid support from platforms and banking.
Implementing an unlimited non-concessional contributions cap for taxpayers with superannuation balances below $1 million would make the system more equitable, the accounting firm says.
Australia’s neutral cash rate may lie above pre-pandemic levels, driven by rising productivity outside of the mining industry.
Nominations and submissions have opened for this year’s Super Fund of the Year Awards.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
