More than $31bn paid under early super release

 

The government’s early super release scheme shows no signs of slowing down, with almost 90,000 release applications received by super funds in the first week of August and more than $700 million in payments made.

 

 

The latest APRA statistics for the week to 9 August revealed that 88,000 applications were received by funds, with 44,000 being first-time applications and 44,000 repeat applications.

There have been 4 million applications since the start of the scheme, with 1.1 million of those being repeat applicants, APRA said.

The scheme has now paid out $31.1 billion, with an average payment size of $7,689.

A total of 139 of the 175 funds in APRA’s reporting scheme have made repeat payments to members, with the average size of repeat payments being $8,487.

The top 10 highest paying funds in the scheme — including AustralianSuper, Sunsuper and REST — have paid out $20.4 billion of total funds released in the scheme.

 

 

Sarah Kendell
18 August 2020
smsfadviser.com

 

Free Ebook

22 Key Strategies to Dramatically Improve Cashflow in Your Business

What our clients say

"The team at CP Partners Accounting & CP Financial Planners have provided our clients with expert advice in the areas of taxation, property structures, wealth creation, retirement planning, superannuation, insurance and general investment advice.

"We have undoubtedly found that the team at CP are experts in their fields and our clients have been extremely pleased with the results they have achieved....

Read more