Retirement
$6000
What is the tax rate on a financial hardship claim?
22% on claim type 1.
0% on claim type 2.
Compassionate grounds is available only to who?
Australian & New Zealand citizens and permanent residents only.
What are the timeframes for processing rollover requests?
To APRA fund - 3-4 business days.
To SMSF fund - up to 30 business days.
From receipt of all correct documentation.
What withdrawals can be done online through the member portal?
FH / Retirement / Under $200 / Rollovers
Must have ceased all employment if between preservation age and 59.
Ceased at least one employment after turning 60.
Be 65 years or older.
What letters do we require for checking eligibility under financial hardship?
CRN consent/check.
We do not accept Q230 or Q251 letters.
"The ATO approved my claim for $15k but I only have $15,500. My surgery will cost me $15k, will I have enough?"
Yes, as we pay the lump sum approved by the ATO, with any taxes deducted from the account balance. So, you will receive $15k after tax.
List the ways a member can make a rollover?
Online Member Portal.
myGov.
PDF/Paper form.
What documents are needed for a kiwisaver rollout?
Form / Cert ID / NZ proof of address / Kiwisaver Letter of Compliance
PDF form.
Paper form.
Online Member Portal.
"I have a balance of $950, how much do I leave in my account to keep it active?"
The minimum amount required is $1000, as your balance is below $1000 you can withdraw the full amount under FH but your account will close.
Where can we locate the ATO approval letters required for a CG application?
The letter issued to the fund can be found in HP records/web.
The letter issued to the member will be found on a certain system depending on how they uploaded it.
"My superfund does not have my TFN and I attempted a rollout to my SMSF. What will happen?"
You will fail SMSF verification as you are required to supply your TFN.
I left Australia on May 2, 2024 and my balance is 20,000 before tax. Until when can I claim DASP from AustralianSuper?
Within 6months of leaving Australia, after 6months you must contact the ATO.
What will happen to my account if I withdraw the full amount?
Your account will close and insurance will cease.
"I don't think I have enough in my account to cover for the tax too! What will happen to my money?"
The amount paid will be reduced accordingly and the required tax amount will be deducted and sent to the ATO.
"The ATO rejected my CG application! What can I do?!"
You have the option to contact the ATO or make an appeal using the ATO form Compassionate release of superannuation - request for a review of decision form within 14 days of the date of the original decision letter to appeal the claim.
What is the other quick way for me to roll-out my fund to another APRA regulated superfund?
Contact the receiving fund and provide our ABN, USI, and your member number to initiate a roll in request from their end.
What is something you should check if a member is not eligible for any type of benefit claim?
Check if they have any portion in Unrestricted Non-preserved or if a health based claim could apply.
"I'm old now and off work, I want to withdraw money from my super. How can I do that?"
List the correct steps to handling this enquiry.
Determine member's eligibility.
Promote MOL or provide paper forms.
Assist/guide through the process for submitting the application and/or any certified ID.
"What types of benefit payments do yous accept for Financial Hardship?"
Age Pension
Austudy
Carer Payment
Disability Support Pension
JobSeeker Payment
Parenting Payment
Special Benefit
Farm Household Allowance
Youth Allowance
Income Support Supplement
Service Pension
Veteran Payment
"I want to check my eligibility for CG, can you help me?"
Yes sure, you might be eligible for CG under the following reasons...
But you will need to confirm your eligibility with the ATO.
As a CSO providing first call resolution, what is something that you need to ensure so the member's rollout request is going to be successful?
Ensure that all the details (name spelling, DOB, gender, etc) is correct before letting the member go and start the rollout process.
There's a stop payment flag on the account. What do you say to the member?
Do not tell the member that there's a stop payment code on the account.
Follow ALERTs scripting.