How to find out when your early access to superannuation money will arrive
More than 1.5 million Australians have rushed to access their super early but there are some important things to make sure you pay close attention to in order to get your money quickly.
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Super fund members accessing their retirement savings early are being urged to be patient and understand it can take almost two weeks to get their money after applying.
Latest figures show 1.5 million people have accessed retirement savings totalling $12.3 billion under the new scheme rolled out during the COVID-19 pandemic, but many have complained about delays.
Last week the Australian Taxation Office revealed there would be tougher checks to stamp out fraud, which could mean longer processing times.
It comes after an Australian Federal Police investigation put a stop to the processing of claims earlier in the month after fraudulent activity was detected on accounts.
Typically it takes up to four business days for the ATO to process an early release application before it is transferred to the applicant’s fund.
Applicants will then be sent a notification via their myGov inbox once the application has been given the green light.
Alternatively, they may receive an email or SMS.
But an ATO spokesman urged applicants to be patient while waiting for their money to arrive in their bank accounts.
“Once they have received a notification from the ATO that their application has been approved, people should contact their fund or funds after five business days, not the ATO, if money is taking longer than expected to arrive in their accounts,” he said.
The Association of Superannuation Funds of Australia’s chief executive officer, Dr Martin Fahy, said early access applications were being processed as quickly as possible.
“According to ASFA analysis, close to 98 per cent of early release applications have been paid within five working days,” he said.
“In a small number of cases it may take more than five days, due to invalid bank account details or if an application has been ‘red flagged’ because of anomalies or concerns regarding evidence of potential fraud.”
Australian Institute of Superannuation Trustees chief executive officer Eva Scheerlinck said applications were being pushed through carefully and as quickly as possible.
“Any delay shouldn’t be a long one,” she said.
“If your super payout is taking longer to arrive, it’s likely that the ATO or your fund are doing some additional checks and you may have to wait a few more days.
“The important thing is that the money goes to the right person.”
Ms Scheerlinck said a super fund would contact the applicant if there were any concerns with the application or it needed additional information.
The ATO also urged Australians to be extremely careful about how they store their personal information.
“Ensure you only provide information to trusted advisers and never provide information if you are not certain who you are speaking with,” the spokesman said.
Originally published as How to find out when your early access to superannuation money will arrive