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cannot access to ATO-held super after approval of early release to combat COVID 19 financial impacts

Newbie

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Replies 1

Plz help me out of this financial plight.

Hope someone here can help me out. I have been looking for the answers and solutions to the problem which was confusing and upsetting me for more than one month. 

The matter began with the application of an early release of super to ATO due to financial distress by COVID-19. I got approved of early release of super by ATO at the end of this September. But even so far I have not yet received the payment into my bank account that was nominated in the release application. Now the super seems to have been released from the super provider to ATO and it is shown in ATO-linked myGov as ATO-held super.

The weirdie is that it always reminds me of this error message "insufficient information provided, you have not provided your financial institution details" every time when I proceed to withdraw ATO-held super, as it was described and occured to the original poster (https://community.ato.gov.au/t5/General-super-questions/Can-t-withdraw-ATO-held-super-quot-not-provided-your-financial/td-p/97815). It prevents me going to the next step so I can do nothing including withdrawing or transferring the super to another fund provider. The solution advised in that post seems not to be working. Request to transfer the fund of ATO-held super in myGov via the manage option is impracticable there at all. 

In the case the release precedes the transfer to a fund provider, as what has occured to me and some others. What are the right procedures to follow for withdrawal of this approved release? There might be some options as below but do not know which one or combination is the solution. 

1. should we notify our fund provider of the ATO-held super and ask them to transfer/combine ATO-held super to the superannuation account with them? After transfer, the ATO will send the existing approval to the super provider and they then arrange the payment to the bank account nominated in the release application? 

2. there is no need to transfer, just update the financial institution details with ATO and the super fund provider coz my old superannuation account was accidentally closed by discontinuing renewing the expired bank card and closing all associated account with that bank. Until I saw my super was ATO-held after approval did I find the superannuation account was cancelled with that bank card by mistake accidently last September or October. I am not sure whether this is the root cause for the current trouble and how to opt out. If this is the culprit, it means my superannuation account with the super provider was closed last Sep or Oct and the fund was transferred to ATO-held account. Would ATO directly approve my application instead requiring me to transfer first to a super fund provider and then approve the release?  Just as it is stated in another post https://community.ato.gov.au/t5/COVID-19-response/Wanting-to-transfer-ATO-held-super-but-I-do-not-have-an-active/td-p/78354

3. or shall we re-apply for early release of super from active super fund to the ATO, in this case, will it be a problem coz one can apply for early release once only in the current financial year?

Any advice is highly appreciated.
1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 0

Hi @yj_yj554,

 

This seems to be a duplicate post. We have responded on your other thread. Smiley Happy

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hi @yj_yj554,

 

This seems to be a duplicate post. We have responded on your other thread. Smiley Happy