The Tax Office has suspended superannuation funds' access to consolidation feature SuperMatch following new concerns about fraud, leaving the regulator to face a grilling in front of the coronavirus inquiry.
Individuals are still able to consolidate their super through the ATO, MyGov or by providing rollover details to their funds, but super funds' access to SuperMatch has been stopped.following claims up to $100,000 had potentially been stolen from up to 150 accounts by sophisticated criminals. They had taken advantage of struggling households trying to access $10,000 after losing income due to the coronavirus pandemic.
Mr Jones said he wanted to know whether the freezing of SuperMatch related to the fraud issues identified early in the month through the early access scheme. While some regulatory sources said the early access scheme was an "incentive" for criminals, as they may be able to get funds out earlier, others said the risk of identity theft was ongoing and the matters were unrelated.
How does your mind deceive you? ' Free yourself' your mind is obsessed with what other minds are thinking (mind reading). Your mind is horribly competitive and insecure, comparing you to the neighbors, co-workers, friends..
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Source: SkyNewsAust - 🏆 7. / 78 Read more »
Experts fear early super access will have lasting impact on young Australians | Sky News AustraliaExperts are concerned the government’s early access to superannuation scheme may have a lasting impact on the younger generation as it could significantly lessen their retirement package. \n\nUnder the scheme, Australians can access up to $10,000 of their super this year if they have been hard hit by the coronavirus crisis, meaning they could see $100,000 less in retirement. \n\nMore than 150,000 people between the age of 21 and 25 took out an average of almost $5,800 each. \n\nImage: Getty Lols you needed expertise to tell you that 🤦♀️ 🤔 Get a real job, put a hold on the avocadoes, 40$ hipster beard trims, mocha skinny cinnamon lattes, the next Gen Apple and the trendy inner city rental. I mean, with their level of conspicuous consumption its never going to end well. people pissing it away will have last negative effects. People investing it to start businesses, innovate would be great.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
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