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  • COVID-19 – Early Release of Superannuation Industry working group – Individual application

    Key discussion points

    • The intent is to talk through the proposed Early Release of Superannuation ATO Online screen shots for the individual application process. There isn’t sufficient time to change functionality, this session was about word content and tone.
    • If a member does not have any open accounts with the ATO (whether that is they don’t have a super account or it has not been reported yet or the account was not matched) the person won’t be able to commence an application.
    • Industry stressed the importance of help aside information and information in the form to assist the member through the application process and reduce any additional action required by the member.
    • Industry representatives specifically noted the following for consideration in the application form:
      • ensure eligibility requirements are met
      • individuals are aware they can only apply once
      • clarity on account balances and that funds can only release the available amount in a members account up to the approved amount
      • the bank account details are correct for payment
      • error messaging to display where a member leaves a field blank
      • clarity for defined benefit members
      • inclusion of a summary screen to show all completed fields, including back account details, for validation by the member
      • enhanced declaration information to confirm information provided is correct prior to submitting.
    • The ATO to confirm what ID number the individual will receive and the ID the Fund will receive.
    • Further guidance is required around the impacts on insurance.
      Last modified: 17 Apr 2020QC 62196