Issue 767, 27 July 2020
In this issue:
- COVID-19 Coronavirus: early release of super – APRA data and ATO update
- ASIC relief applications now lodged through portal
COVID-19 Coronavirus: early release of super – APRA data and ATO update
APRA has made its thirteenth weekly publication of industry-level data from its early release initiative data collection.
The data covers applications made from inception of the early release initiative on 20 April through to 19 July.
The data shows that, from 20 April to 19 July:
- payments totalling $28.0 billion had been made, with an average payment of $7,719
- 2.9 million ‘initial’ applications had been received, with an average application amount of $7,407
- 1.0 million ‘repeat’ applications had been received, with an average application amount of $8,619
- funds were taking an average of 3.3 business days to pay an application, with 96 per cent of applications paid within five business days.
An ‘initial’ application is the first application made in respect of a member account whether this occurred in the 2019-20 financial year application period or the 2020-21 financial year application period. A ‘repeat application’ is an application for a member account that previously submitted an initial application – all ‘repeat’ applications therefore relate to the 2020-21 financial year application period. As noted in ASFA Action issue 766, last Thursday the Government announced it would extend the application period for 2021-21 to run until 31 December 2020 (as currently legislated the application period expires on 24 September).
APRA has also published the twelfth tranche of fund-level statistics from its early release data collection, revealing the number and value of the payments processed by each fund, as well as the time taken to make payments.
The ATO has published CRT Alert 037/2020 to update its questions and answers about the Coronavirus early release of superannuation initiative.
ASIC relief applications now lodged through portal
ASIC has announced changes to the process for financial firms to lodge applications for relief with effect from today.
The ASIC Regulatory Portal has replaced other channels as the primary way to submit applications for relief from ASIC-regulated entities. The portal will also be the primary way for corporate entities to lodge a range of fundraising and corporate finance documents.
These applications and documents will now be submitted through the portal using online forms known as transactions. ASIC advises these ‘transactions’ are structured to make it easier for stakeholders to provide ASIC with the required information. Security features in the portal ensure stakeholders can determine who can see, edit or submit their transactions. They can also record correspondence with ASIC about submitted transactions and track their status.
The applications for relief transactions include several that might be relevant to a superannuation trustee holding an Australian Financial Services licences including:
- an ASIC approval or consent
- a no-action letter
- an exemption, declaration or order.
Information about how to submit the new portal transactions is available from the applications for relief section of the ASIC website.
ASFA REGULATORY WATCHLIST
ASFA’s Regulatory Watchlist (ARW) tracks developments in Legislation, inquiries, consultations
and other regulatory announcements relevant to superannuation.
