Financial Life Balance : sow

Hot Issues
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	Videos and other resources for our clients
	Retirement the ‘number one trigger’ for financial advice
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	ATO flags key deadlines for early release of super
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	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

Articles archive
	Quarter 4 October - December 2020
	Quarter 3 July - September 2020

Quarter 3 of 2020 Articles
	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

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

24th-September-2020