Accessible version of the Early Release Scheme for Issue 4

Superannuation

This dashboard contains the latest data on the COVID-19 Superannuation Early Release Scheme, for the period ending 17 May 2020:

Current status of applications: $10.6bn payments made; $7,510 average payment; 1.59m applications received; 1.41m applications paid; 3.3 business days on average to pay an application*, 94% applications paid within five business days*.

*The payment processing period is measured from the date the super fund receives application from the ATO.

Value of applications: The week ending 26 April 2020 presented a cumulative of $5.1bn in applications received and a cumulative of $1.3bn of applications paid. The week ending 3 May 2020 presented a cumulative of $8.1bn in applications received and a cumulative of $6.2bn of applications paid. The week ending 10 May 2020 presented a cumulative of $10.0bn in applications received and a cumulative of $9.0bn of applications paid. The week ending 17 May 2020 presented a cumulative of $12.0bn in applications received and a cumulative of $10.6bn of applications paid.

Payment status: 89% applications were paid and 10% applications are in process.

Processing times for payments: 94% applications were paid within five business days.

Number of applications: 662k applications received and 160k applications paid during week ending in 26 April 2020. 1,077k applications received and 809k applications paid during week ending in 3 May 2020. 1,344k applications received and 1,188k applications paid during week ending in 3 May 2020. 1,594k applications received and 1,413k applications paid during week ending in 17 May 2020.

Distribution of processing times: 19% applications were processed in one business day, 11% in two, 17% in three, 39% in four, 8% in five, 2% in six, 1% in seven, 1% in eight, 1% in nine, 1% in ten or more.

More information about the dashboard is available here.

 

 

Do you have questions about your personal application?

APRA has set out a five day guidance period for payments after receipt of applications from the ATO by funds, but also acknowledges that these timeframes may extend slightly where a Registered Superannuation Entity (RSE) licensee experiences a high volume of applications at any particular time. Delays can also occur in exceptional circumstances – such as where the RSE licensee’s automated checking has identified that additional fraud or other verification steps are required, or where the payment is being made from interests held in defined benefit funds.

If you do not believe you have received the funds you have applied for within a reasonable timeframe it is recommended that you contact your trustee directly to determine if there is a specific reason for the delay. 

Footnotes