An important part of the Government’s retirement income policy is to ensure that all members of the community have an adequate level of income in retirement. Given this, the law imposes strict conditions on the early release of superannuation to ensure superannuation savings are preserved to provide income in retirement.
You may be eligible to apply for access to a limited portion of your auperannuation early strictly under the following circumstances:
Severe financial hardship;
Terminal medical condition;
Permanent incapacity; or
If your super balance is less than $200
You can apply for early release of your superannuation online by accessing your myGov account.
Minister Hume has no discretion, or ability to grant, early release of superannuation.
Migration and our visa programs are important to Australia’s prosperity and economic growth. Australia has a rules driven migration system with processes of the highest integrity. As such, Minister Hume is unable to intervene or advocate on visa matters. Team Hume may be available to assist in contacting the Department of Home Affairs, however MyImmi is almost always the best place for further information or to provide additional evidence to support a visa application.
The Morrison Government is committed to raising the education, training and ethical standards of financial advisers.
The compulsory education requirements cover a defined body of knowledge intended to underpin the profession and the professional’s capacity to competently practice. The new model for the financial advice profession will ensure that all advisers have the same base of general knowledge.
It is also why the Government will provide appropriate recognition for the experience of existing advisers. While new entrants must complete an approved bachelor’s degree (24 subjects) or above or hold an equivalent qualification, existing advisers need only complete an 8-subject graduate diploma (at most), in recognition of the experience.
The Government also recognises the need to ensure existing advisers have sufficient time to meet the new standards. Existing advisers must complete the exam by 1 January 2022 (one additional year) and meet education requirements by 1 January 2026 (two additional years). Existing advisers are able to attempt the exam in every second sitting, with six exam sittings scheduled for 2021.
Unsuccessful candidates can re-sit the FASEA exam, and these candidates receive guidance on which knowledge areas they need to improve on to enhance their ability to pass at a future sitting.
The Government is aware that, in some cases, advisers will be impacted by the reforms and will have to manage their professional and personal demands while also undertaking further study. To be clear, existing advisers must still complete the exam by 1 January 2022 and meet the educational requirements by 1 January 2026.
The Government is committed to taking action on all 76 recommendations contained in the Final Report of the Banking, Superannuation and Financial Services Royal Commission. Significant progress has already been made as the Government has now implemented 37 of the 54 recommendations, directed to the Government as part of reformation.
Overall, notwithstanding three reviews that Commissioner Hayne recommend be undertaken in 2022, the Government has implemented 70 per cent of the recommendations made to the Government and in total completed or consulted on approximately 90 percent of the recommendations made to the Government.
Minister Hume is unable to award grant funding, and often grants are subject to stringent criteria. However, when applications from the community are put forward Minister Hume may be able to offer her support as a Victorian Senator and has been proud to support many local and significant projects across Victoria. Please get in contact with the office to discuss your application by clicking here.