22-07-2020, 02:20 PM
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#17
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Virtuous Bogan (TM)
Join Date: Jan 2005
Location: TAS
Posts: 27,441
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Re: 'Rona Super Cashout Auto Investment Competition
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Quote:
Originally Posted by Bossxr8
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. |
10 Points to the ATO 
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