Super pension drawdown rates cut, early super release expanded, in response to COVID-19

In response to COVID-19, the Government has announced changes including reducing super pension drawdown rates, expanding early release of superannuation, and cutting age pension deeming rates. Some of these changes require legislation, which Parliament is sitting to consider today. Update: The Coronavirus Economic Response Package Omnibus Bill 2020 has passed the Parliament, with amendments but… Continue reading Super pension drawdown rates cut, early super release expanded, in response to COVID-19

Government proposes “refinements” to superannuation early access rules

The Government is consulting on draft changes to the early access to superannuation rules, following from a review. Late in 2017 the Government started a review into the early access rules. The Government has now released draft proposals in response to some of the issues raised. The Government seemingly found no systemic issues with the… Continue reading Government proposes “refinements” to superannuation early access rules

Domestic violence victims to be allowed early access to their super

The Government intends to allow domestic violence victims to access their own superannuation to meet “unexpected costs”. Under the Government plan – the Women’s Economic Security Package, announced alongside the Women’s Economic Security Statement – victims of domestic and family violence would be able to apply to withdraw up to $10,000 of their superannuation in a… Continue reading Domestic violence victims to be allowed early access to their super

Compassionate early release of super moving to ATO on 1 July 2018

Responsibility for administering the early release of superannuation on compassionate grounds is set to move from the Department of Human Services (DHS) to the ATO, from 1 July 2018. The Government said this would improve the early release of superannuation by ensuring applicants received funds sooner. “These changes will expedite the assessment of early release… Continue reading Compassionate early release of super moving to ATO on 1 July 2018

Government considers two options to allow victims of crime access to super

The Government is consulting on two different models allowing victims of crime to access the superannuation of perpetrators. The first model would create a claw-back mechanism for ‘out of character’ superannuation contributions. Under the proposal a victim of crime with an unpaid compensation order could apply for a court order for the super fund of… Continue reading Government considers two options to allow victims of crime access to super

Government working on legislation to give victims of crime access to super

The Government is working on legislation to allow victims of crime to access superannuation, though the legislation may not pass in 2018, while consulting further on other changes to the early release of super rules. Minister for Revenue and Financial Services Kelly O’Dwyer has confirmed the Government will allow victims of serious crimes to access… Continue reading Government working on legislation to give victims of crime access to super

Using super for medical expenses targeted in Government review

The Government is considering changing the rules around early release of superannuation on medical grounds, which has been rapidly increasing in recent years. Minister for Revenue and Financial Services Kelly O’Dwyer has launched a review of the rules around the early release of superannuation. Minister O’Dwyer says, in the consultation paper, that stakeholders have raised… Continue reading Using super for medical expenses targeted in Government review

Government to review early release of super: victims of crime, compassion, hardship

The Government has officially announced a review of early release of superannuation. This includes a review of the rules around early release of superannuation on financial hardship or compassionate grounds. The review will also consider if and how superannuation should become available to pay compensation or restitution to the victims of crime. Minister for Revenue… Continue reading Government to review early release of super: victims of crime, compassion, hardship

Government going to review early access to superannuation

The Government will soon start a review of early access to superannuation, and when superannuation can be kept from victims of crime. Minister for Revenue and Financial Services, Kelly O’Dwyer, was recently asked on ABC radio about victims of serious crimes having access to the superannuation of perpetrators. “We have a system at the moment… Continue reading Government going to review early access to superannuation