People who had their superannuation taken out but never lost jobs or incomes. Has anyone heard back from ATO with a question if investigation?
I didn't do that myself but I am curious to know.
Non Eligible Superannuation Access - Questioned by ATO?
[Deactivated] on 25/10/2020 - 16:49
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one has like lost their job
People can take their money if they have a 20% reduction or more in their weekly hours.
I actually contacted the ATO to ask them about this, it only had to be in a single week, could be a little as taking an annual leave day because there wasn't much work.
I called them too and he said they will ask if you are authentically affected by Covid, and i suspect you’ll draw attention to yourself if your pay didn’t drop accordingly.
@WreckTangle: They don't care about the pay. It specifically states "hours dropped by 20%", nothing about pay.
I’m saying they pulled it out, put it back in, and the reasoning is they lost job, freaked out, got a new job, put most back in and ended up claiming a tax benefit
They’ve still got about 5 years to ask, but i’m sure they’ll have a department working on it.
Yep.. probably hiring extra staff at the moment…
I didn't do it but all that money did help a lot of businesses get sales so it was money that was re-invested into the economy.
A good time to be in the business of having issued loans earlier
The ATO admitted they didn’t bother checking anyone’s entitlement to withdraw their super so there was a bit of a scandal.
As a result the ATO announced they would check eligibility by cross referencing payroll records.
The story is here https://www.afr.com/politics/federal/it-s-their-money-no-ato…probably won't do anything.
I haven’t heard of anyone getting into trouble, there was a very wide net cast. Expect to hear something if one uses it for a way to claim a deduction, however, unless one has like lost their job, pulled their cash out, then didn’t need it as they got a job etc