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  • COVID-19 - Early Release of Superannuation Industry Consultation

    Key discussion points

    The intent of the session is to provide updated information in relation to the COVID-19 Early Release of Super process, and present the final screen shots of the individual application form and approval letter.

    APRA Guidance

    • APRA confirmed they have released new FAQsExternal Link (Q11 and 12) setting APRA expectations about timelines for processing payments.
    • Payments should be made within five business days of receipt of the determination from the ATO if there are no red flags triggered from automated risk identification processes and no further checks are required. APRA will be collecting data from funds to monitor early release of benefits.
    • If industry reps have specific questions for APRA, or about their guidance, they can send them to APRA mailbox

    Application screen shots

    • The ATO walked through the screen shots of the individual application, noting the application has now settled and no further changes can be made ahead of the form being available from Monday 20 April 2020. Funds can use the screen shots as part of their communications and messaging.
    • It was noted in the form there is now a category for temporary residents which has been included in preparation for the government announcement that the early release super measure will be extended to temporary residents.
    • Confirmation during the meeting that the relevant regulationsExternal Link had been made for the changes to temporary resident eligibility.
    • It is unlikely the online simulator will be updated to reflect these changes given the short timeframe the application will be in place.
    • Help content below provides the definition of the different status types
      • The status field reflects the progress of your application
        • Pending – your application has been received and is being processed.
        • Finalised – your application has been processed. You will receive correspondence advising the outcome via your myGov Inbox within 72 hours.
        • Rejected – your application has been cancelled.  Contact us and we can explain why.
    • If your application is pending or finalised, do not contact us until you receive your correspondence as we cannot provide you with a progress update.
    • Industry members queried the bank account declaration on the application. We confirmed it is declaration that the account is the individual’s. The ATO will confirm advice about where an SFT is in progress and how to manage these circumstances.

    Application approval correspondence

    • The approval letter is leveraging off the same process as the compassionate early release process.
    • An SMS or email will be sent to individuals in advance of the letter which will issue to their myGov account. This advises the application has been approved and information has been passed onto the fund with an expected payment timeframe of five business days.
    • ATO web content and correspondence is being updated clarifying that individuals don’t need to contact their fund or the ATO.

    Security controls

    • The ATO presented a security controls document that aimed to provide a visual summary of some of the security controls that are in place around and within the process that were discussed with the group at the meeting on 3 April.
    • Industry members raised the question around duplicate accounts and whether the fund will be notified in the determination or whether the determination won’t be received in this circumstance. It was noted the data file sent to funds will contain all approved applications received up to around 11.45pm the day before. The ATO will have staff monitoring the data the same day the data file is sent to funds and will contact funds directly where there is a concern with present from that monitoring.
    • The ATO is finalising a new email address that funds will use for all interactions with the ATO in relation to the coronavirus early release of super measure. This will be communicated via Super CRT alert on Friday 17 April. Funds will be asked to provide the appropriate contact details to this email address. It’s preferred that contact details include an individual phone contact for direct queries as well as a mailbox.
    • The ATO noted that the application needs to deploy into production for testing to be completed and this will occur on Sunday 19 April. Some applications may be received on Sunday. The ATO will confirm how the files for Sunday applications will be provided.

    Post meeting information

    • The file for applications received on Sunday will be provided to funds in BDE on Tuesday. Some funds will receive two files on Tuesday.
    • The ATO will issue the security control document to funds more broadly via a CRT alert 17 April 2020. It was noted the intent of the flow chart is to focus on a successful application generated based on what has been reported to the ATO, therefore won’t include rejected information.
    • With regard to any planned or unplanned ATO system outages, funds were recommended to keep up to date via our webpage system-maintenance.
      Last modified: 22 Apr 2020QC 62276