Get ASX Price

 


  Latest Planning News
Hot Issues
State and Federal COVID-19 support
ATO extends COVID-19 relief for SMSFs
Three ways to keep market uncertainty in perspective
SMSFs, employee share schemes & NALI
Low interest rates require a strategic rethink
Greenhouse gas emission by country since 1880
SMSFs can face situational traps affecting related-party transactions with former spouse
The right way to rebalance your investment portfolio
Lockdowns and mental health
The rise of the female investor
ATO flags availability of COVID-19 early release super recontribution
World's largest armies 1816 - 2020
Retirement can be risky business
A proven way to build wealth
Two AAT decisions on what constitutes business real property
ATO zeroes in on SMSF lifestyle assets
SMSF scams are on the rise: Here’s how to fight back
Four steps to plan for a better retirement
‘Mammoth consequences’: ATO’s NALI ruling draws ire from professionals
Videos and other resources for our clients
SMSF members highly satisfied with funds
6-member SMSF registration availability to begin mid-August
SMSFs go for growth
Tax time: calculating investment income and deductions
ATO extends Division 7A relief
Articles archive
Quarter 3 July - September 2021
Quarter 2 April - June 2021
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 4 of 2020
Articles
2020 is coming to an end. Phew!!
ATO flags key deadlines for early release of super
Retirement costs rising despite COVID impacts
Government targets fund expenditure, best interests in new super reforms
Small SMSFs develop rapidly
Investing basics for first timers
Behind the dash in new market listings
Super, death, and taxes
What millennials are thinking about investing and retirement
Capital preservation front of mind for SMSF returns
Comprehensive list of COVID-19 initiatives and packages.
Most SMSFs are still poorly diversified
Related party purchases must be clean
How your coming tax cut could pay off
Majority of retirees expected to fall short on retirement savings
Monitoring super performance critical in light of new measures
Budget 2020 - A very comprehensive break down.
Budget 2020 - Fact Sheets
Budget 2020 - At a Glance, Overview, Outlook
JobKeeper extension – changes implemented
Temporary home office expenses shortcut extended again
Investment preferences of the young
How to construct an effective portfolio
Estate planning opportunities highlighted with work test changes
Lenders are getting tougher on older borrowers
ATO flags key deadlines for early release of super

 

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


 




23rd-December-2020