Welcome to this week’s issue of the KHQ Super Alert. There are only a few developments this week and, among them, it is interesting to see the AFCA statistics.
AFCA – FY19/20 snapshot
On 2 July 2020, AFCA issued a media release and its 12-month snapshot for the 2019/2020 financial year.
Superannuation-related complaints counted for 9% of total complaints, and the top 5 issues and numbers of complaints on each of them were as follows:
- Delay in claim handling (1,260)
- Incorrect fees/costs (753)
- Service quality (648)
- Account administration error (570)
- Denial of claim (556)
In relation to COVID-19 complaints, it notes that there have been 791 concerning superannuation, a majority of which related to early access of super.
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APRA – COVID-19 early release data
On 6 July 2020, APRA issued the latest data on the temporary early release of superannuation scheme for applications received in the week to 28 June 2020. APRA notes that the total value of early release payments made since inception up to the week of 28 June is $18.1 billion.
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IGTO – Death and taxes report
On 7 July 2020, the Inspector-General of Taxation and Taxation Ombudsman (IGTO), Ms Karen Payne, released the report of her investigation into ATO systems and processes for dealing with deceased estates entitled Death and Taxes: An Investigation Into Australian Taxation Office Systems And Processes For Dealing With Deceased Estates. It is a lengthy report and, although none of the recommendations directly affect superannuation, the report touches on a number of superannuation-related matters.
Click here for more details.
