A major accounting body has warned penalties could be issued to individuals who have already accessed their super early under the COVID-19 relief measure, but are ruled ineligible to have done so.

The deadline for superannuation guarantee amnesty applications should be extended to March 2021 as a result of the COVID-19 pandemic, the National Tax Liaison Group has said.

Super funds should be resetting target returns in line with lower interest rates and downturns in global markets as current numbers are unrealistic.

Queries about superannuation contribution strategies dominated calls to AMP advisers in May overtaking calls about COVID-19 financial relief.