Consumers warned about scams involving the newly-announced early-release super measures.

Published:

The Australian Institute of Superannuation Trustees (AIST) is aware that unscrupulous operators have already begun targeting super fund members and offering to assist them in taking up the new early release super measures announced last Sunday.

The new measures – part of the Government's Coronavirus economic support package – allow qualifying individuals suffering financial hardship to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21.

AIST CEO Eva Scheerlinck said everybody needed to be on their guard if they receive unsolicited calls about their superannuation.

"Unfortunately, as we've seen before with any early release super measure, there are unscrupulous operators who take advantage of people in financial hardship either through outright fraud in an attempt to steal their super or by offering unnecessary services for which a fee is charged," Ms Scheerlinck said.

"The ATO is managing the new early-release process though its MyGov website. There is no need to involve a third party and there are no fees involved."

"Nor is there a need to panic and rush through an application. Anyone who is considering applying for early release superannuation under the new financial hardship provisions should be aware the scheme does not commence until mid-April."

Ms Scheerlinck suggested that, in the interim, those who were planning to apply through MyGov for early release should firstly ensure their personal details were up to date by visiting their super fund's website.

AIST is urging people suffering financial hardship to explore all the various Government income-support measures available before accessing their superannuation through an early release measure, which should be a last resort.

Any suspicious behaviour relating to superannuation can be reported to Australian Securities & Investments Commission (ASIC) through its online complaint form.

 
Community Coronavirus COVID-19 Money & Finance
Social:   

Privately Submitted Article or Event :
See Above Article or Event for Address, Sunshine Coast Wide
Privately Submitted Article or Event
Showing 10+ recent articles for this business
Boating & Sport – a marriage made in heaven 28 September 2020 | With the wonderful waterways on offer you can understand why more that 20 percent of all Aussies engage in some form of boating annually. Almost one in five households have a boat or watercraft. Adding to the... More information...
Sunshine Coast continues to pull a property crowd despite COVID-19 28 September 2020 | "The region is only 100km from Brisbane, meaning they can enjoy the quiet life while potentially still being only an hour two's drive from the hustle and bustle of a big city and all it has to offer. More information...
Family Boating – "the family that plays together really does stay together" 27 September 2020 | Australians have an inherent passion for the outdoors and it is understandable given the magnificent country we have. As the largest island in the world, our access to the ocean, bays and rivers is significan... More information...
Boating is Good for you 25 September 2020 | The benefits of recreational boating have been assumed for decades and now through some interesting and compelling work, it has been proven that boating is good for you. More information...
Dentist's message in a bottle: alcohol harms your mouth too 24 September 2020 | Having a couple of glasses of wine at home every evening may sound harmless during these troubled times – but the nation's pandemic drinking habits are potenially setting us up for serious oral health issues... More information...
Recreational Boating is a favourite pastime for millions of Australians 25 September 2020 | With more than 85 per cent of the population living within 50km of the coast, it is estimated that more than 20 per cent of all Australians engage in some form of boating annually and that almost 1 in 5 households... More information...
First homeowner moves into Village Green Palmview 23 September 2020 | Peet Limited are excited to announce the keys to the first home completed on the Sunshine Coast’s newest development, Village Green Palmview, have been handed over to homeowners Courtney and Blaine Reed. More information...
How Queensland farmers can prosper in a net-zero emissions world 22 September 2020 | Queensland primary producers looking to strengthen their businesses and communities are encouraged to apply for a new Queensland Resilient Regions Fellowship and masterclass, hosted by Farmers for Climate Action... More information...
Your Help Needed to Extend the Evictions Moratorium 22 September 2020 | As you are probably aware the Queensland Government recently announced their intent to end the evictions moratorium for COVID-19 affected residential renters on 29/9/2020. At the same time, the government have... More information...
Government Policy on JobSeeker and JobKeeper Unhealthy and Economically Counterproductive 21 September 2020 | "The Federal Government's plan to reduce JobSeeker and JobKeeper, its previous elimination of the temporary child care support measures, and its planned tax cuts will damage the lives of many and will have little... More information...


comments powered by Disqus

All articles submitted by third parties or written by My Sunshine Coast come under our Disclaimer / Terms of Service