More than $31bn paid under early super release
The government’s early super release scheme shows no signs of slowing down, with almost 90,000 release applications received by super funds in the first week of August and more than $700 million in payments made.
The latest APRA statistics for the week to 9 August revealed that 88,000 applications were received by funds, with 44,000 being first-time applications and 44,000 repeat applications.
There have been 4 million applications since the start of the scheme, with 1.1 million of those being repeat applicants, APRA said.
The scheme has now paid out $31.1 billion, with an average payment size of $7,689.
A total of 139 of the 175 funds in APRA’s reporting scheme have made repeat payments to members, with the average size of repeat payments being $8,487.
The top 10 highest paying funds in the scheme — including AustralianSuper, Sunsuper and REST — have paid out $20.4 billion of total funds released in the scheme.
Sarah Kendell
18 August 2020
smsfadviser.com
Latest Newsletters
Hot Issues
- Aged care report goes to the heart of Australia’s tax debate
- Removed super no longer protected from creditors: court
- ATO investigating 16.5k SMSFs over valuation compliance
- The 2025 Financial Year Tax & Super Changes You Need to Know!
- Investment and economic outlook, March 2024
- The compounding benefits from reinvesting dividends
- Three things to consider when switching your super
- Oldest Buildings in the World.
- Illegal access nets $637 million
- Trustee decisions are at their own discretion: expert
- Regular reviews and safekeeping of documents vital: expert
- Latest stats back up research into SMSF longevity and returns: educator
- Investment and economic outlook, February 2024
- Planning financially for a career break
- Could your SMSF do with more diversification?
- Countries producing the most solar power by gigawatt hours
- Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
- Quarterly reporting regime means communication now paramount: expert
- Plan now to take advantage of 5-year carry forward rule: expert
- Why investors are firmly focused on interest rates
- Super literacy low for cash-strapped
- Four timeless principles for investing success
- Investment and economic outlook, January 2024
- Wheat Production by Country
- Time to start planning for stage 3 tax cuts: technical manager
Article archive
- January - March 2024
- October - December 2023
- July - September 2023
- April - June 2023
- January - March 2023
- October - December 2022
- July - September 2022
- April - June 2022
- January - March 2022
- October - December 2021
- July - September 2021
- April - June 2021
- January - March 2021
- October - December 2020
- July - September 2020
- April - June 2020
- January - March 2020
- October - December 2019
- July - September 2019
- April - June 2019
- January - March 2019
- October - December 2018
- July - September 2018
- April - June 2018
- January - March 2018
- October - December 2017
- July - September 2017
- April - June 2017
- January - March 2017
- October - December 2016
- July - September 2016
- April - June 2016
- January - March 2016
- October - December 2015
- July - September 2015
- April - June 2015
July - September 2020 archive
- September update of latest COVID-19 initiatives.
- Update of Superannuation contribution rules from July 1, 2020.
- More than $31bn paid under early super release
- Your super fund, your choice
- SMSFs urged to act on compliance issues ahead of tougher penalties
- A beginner's investment guide to long-term wealth
- ATO confirms important issue on pension payments
- How SMSF trustees navigated COVID-19 volatility
- JobKeeper - Latest Update
- Pandemic spurs a rise in investment scams
- Estate planning and investments
- Early release of Super extended to Dec 31
- Excess TBC issues surfacing with reduced pension account values
- The Bond Market.
- Treasury underestimates early super by $15bn
- 'But how will we pay for this?'
- SMSFs urged to review leases before granting rent relief
- New financial year to bring new rules for super
- Extra Tools & Resources for our clients.
- Ways to outsmart your cognitive biases
- COVID-19 cuts risk pension pain
- New laws prompt review of SMSF estate plans
- SMSF sector grows, new fund numbers drop