The SMSF Association is aiming to formulate policy in conjunction with the National COVID-19 Coordination Commission to define roles the sector can play in assisting the nation’s economic recovery after the coronavirus pandemic.

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.