Early super releases pass the $10b mark

Original article by Joanna Mather, Tom McIlroy, Michael Roddan
The Australian Financial Review – Page: 12 : 8-May-20

The federal government has advised that 1.2 million people have now applied to withdraw a total of $10.2bn from their superannuation fund via its early access scheme. Treasury had forecast that about $27bn in total will be withdrawn by people who have experienced financial hardship due to the pandemic. Meanwhile, the Australian Federal Police have executed five search warrants as part of an investigation into allegations that fraudsters are taking advantage of the scheme. Tax Commissioner Chris Jordan has told a Senate inquiry that about $120,000 has been stolen from super funds by fraudsters.

CORPORATES
AUSTRALIAN TAXATION OFFICE, AUSTRALIAN FEDERAL POLICE, AUSTRALIA. DEPT OF THE TREASURY

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