With the end of the year drawing closer, the ATO has outlined some of the cut-off dates and deadlines applying for members wanting to apply for the early release of their super.

In an online update, the ATO said that for superannuation members who are eligible for COVID-19 early release of super and intent on applying, they may apply through ATO online services in myGov before 11 December 2020.

“In most cases, this should allow enough time for us process their application and for you to release the money,” said the ATO update.

Access to COVID-19 early release of super closes on 31 December 2020. Members can apply online up to this time, the ATO reminded members and professionals.

“Applications cannot be backdated or accepted after 31 December 2020,” it cautioned.

The ATO assured members that as long as applications are submitted by the deadline, they will be processed.

“As long as we receive your members’ application by the deadline, we will process it. However, confirmation notifications from us and payments from [funds] may be delayed due to the holiday season and can continue into January 2021,” it said.

The ATO also added that if members require a compassionate release of super determination letter before Christmas, they will need to apply through ATO online services in myGov by 4 December 2020.

Members should also take into consideration the time it will take for funds to receive the determination and make the payment, it said.

Reporter
26 November 2020
smsfadviser.com