Quote:
Originally Posted by nstg8a
The eligibility was so vague pretty much the only ones that weren’t eligible were people still earning exactly the same as they were pre corona. Which wasn’t many in the grand scheme of things.
ATO threats are just that, threats.
End of the day the ones that withdrew are only affecting their own futures, no one else.
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Seems pretty real to me.
https://www.businessinsider.com.au/e...ble-ato-2020-6
Australians who withdrew super early without having lost work are under investigation — and might be facing a hefty tax bill
JACK DERWIN
JUN 22, 2020, 11:29 AM
Australians who inappropriately cashed out their super could face a big tax bill.
The ATO will commence investigations into Australians who withdrew up to $10,000 of their superannuation despite being ineligible for the scheme.
Those caught will have the withdrawal amount added to their taxable income, netting the ATO up to 30% of the dollar figure, and penalties up to $12,000.
The move comes after Business Insider Australia revealed applications had been greenlit by the ATO and super funds despite individuals not meeting the scheme’s own criteria.