The superannuation industry urges the Federal Government to step up its protections against ineligible claims after 150 Australians were targeted last month.
The superannuation industry is warning that fraudsters will again target the early release superannuation scheme unless the Federal Government urgently boosts protections.Industry bosses have written to Treasurer Josh Frydenberg to demand new checks and balancesThe Coalition briefly suspended the program last month after the Australian Tax Office revealed, targeting at least 150 Australians.
"This works against the scheme's genuine intent of supporting those in financial hardship, and against the well-established purpose of superannuation to provide benefits for retirement." "We recommend that mechanisms are developed to deter ineligible applications prior to the commencement of the second tranche of the scheme, including clear communications to applicants about compliance checks that will deter non-genuine claims," the letter says.
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