The Treasury is seeking submissions regarding exposure draft regulations that support the transfer the early release of superannuation function to the ATO.
Currently, a notice of authorisation for the early release of superannuation benefits on compassionate grounds is only able to be given to the applicant, meaning to verify the notice superannuation trustees would need to independently confirm the authority and amount to be released with the regulator.
Requiring the ATO to directly notify a member's superannuation trustee when it has authorised the early release of funds will remove the need for that trustee to independently confirm the amount authorised for release. These amendments will improve the integrity of the processes under which benefits are released and expedite the release of funds to successful applicants.
Submissions are sought on the exposure draft regulations and explanatory materials.
These regulations support the Treasury Laws Amendment (2018 Measures No. 1) Bill 2018, which was introduced to Parliament on 7 February 2018, and are unrelated to the ongoing review of the early release of superannuation benefits.