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Re: Superfund not releasing funds

Newbie

Views 521

Replies 1

Hi, I was granted Approval through MyGov by ATO to release super on 13th May. Received message from my fund same day that this would be completed within 3 business days. I have not received anything. Have contacted my fund via email several times without response. Logged in to my fund and it shows the action of early super release but with ‘cancelled’ next to it. I did not cancel it and I have checked MYGov and the money that was showing in my super on MyGov is now $0.
I might try calling but I prefer having written correspondence especially as I feel I’m being stonewalled. It is now over a fortnight since approved for release of funds.
Thank you
1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Former Community Support

Replies 0

Hello @Spange11 ,

I understand your frustration with this process, and think that you are right to try calling your superfund to get an answer. From what you have said you have successfully completed the online application process via myGov with the ATO and your fund contacted you to confirm that your application had been received.

Once this process has occurred the ATO cannot withdraw or cancel an application. The 3 business days quoted is the normal time taken by a fund to process a request, provided there have been no errors and the correct account details were submitted on the form. Your fund may have additional questions or need to clarify something in regard to your request. If this is the case the 3 days no longer applies and could explain the delay you are experiencing.

Remember that superfunds and staff are also experiencing a massive increase in workloads and are under a lot of pressure, so please be patient when contacting yours.

Good luck I hope that contacting your fund directly sorts things out for you soon.

PBlizz

1 REPLY 1

Most helpful response

Former Community Support

Replies 0

Hello @Spange11 ,

I understand your frustration with this process, and think that you are right to try calling your superfund to get an answer. From what you have said you have successfully completed the online application process via myGov with the ATO and your fund contacted you to confirm that your application had been received.

Once this process has occurred the ATO cannot withdraw or cancel an application. The 3 business days quoted is the normal time taken by a fund to process a request, provided there have been no errors and the correct account details were submitted on the form. Your fund may have additional questions or need to clarify something in regard to your request. If this is the case the 3 days no longer applies and could explain the delay you are experiencing.

Remember that superfunds and staff are also experiencing a massive increase in workloads and are under a lot of pressure, so please be patient when contacting yours.

Good luck I hope that contacting your fund directly sorts things out for you soon.

PBlizz