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22-07-2020, 12:39 PM | #1 | |||
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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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22-07-2020, 12:55 PM | #2 | ||
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Assuming that they don't become a burden on the welfare system, in which case every tax payer is impacted by their shortsightedness.
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22-07-2020, 01:09 PM | #3 | |||
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Which would make zero actual difference to any tax payer... According to one of the articles on tv after the first round of withdrawals many of those withdrawing are either complexly clearing out their super, or close to it. So depending on age, they were either never going to have enough to retire on anyway, or they have plenty of time to make it up.... |
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22-07-2020, 02:13 PM | #4 | ||
FF.Com.Au Hardcore
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Interesting replies, yes, the horse has bolted.
Will prices fall back to earth once the super cashouts end? Sanity would tend to suggest that yes, they will.
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22-07-2020, 02:14 PM | #5 | ||
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I think they will, but i was also the one in March saying a heap of bargains were about to come up.
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22-07-2020, 02:18 PM | #6 | |||
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(coughteslacough)
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I6 + AWD Last edited by Sprintey; 22-07-2020 at 02:30 PM. |
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22-07-2020, 02:14 PM | #7 | |||
Peter Car
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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. |
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22-07-2020, 02:20 PM | #8 | |||
Virtuous Bogan (TM)
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22-07-2020, 03:02 PM | #9 | ||
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I can not believe a good rust free XF panel van last year were $1300 - $3 000 (with rego) now if you can find one they are $10 000 plus in very average condition.
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22-07-2020, 06:44 PM | #10 | ||
FF.Com.Au Hardcore
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22-07-2020, 08:17 PM | #11 | ||
FF.Com.Au Hardcore
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Someone aged 30 who withdraws $20k is robbing themselves out of around $150k come retirement, assuming the markets run to historical trends. I gave withdrawing some serious thought but in the end I wasn’t affected and even if I was the fun I’d have with it now just wasn’t worth it.
I doubt the government cares if people **** it up the wall, in the end it’s cash flowing through the economy that otherwise wouldn’t have been. |
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25-07-2020, 07:53 PM | #13 | |||
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22-07-2020, 03:32 PM | #14 | ||
Peter Car
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22-07-2020, 05:09 PM | #15 | ||
Wirlankarra yanama
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23-07-2020, 01:39 AM | #16 | |||
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Because the ato did zero checks. As long as you ticked the right boxes they approved it. You effectively signed a stat dec saying you met the eligibility criteria. At the end off the day, the ato will most likely only prosecute if someone is already in their targets. They don’t have the staff to go double checking the 5 million or whatever it was that withdrew. |
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23-07-2020, 11:46 AM | #17 | |||
Peter Car
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Location: geelong
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If it brings them extra tax back into the system, then yes they will do it. Can't let that money go free now. |
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23-07-2020, 12:49 PM | #18 | |||
NOT A TOYOTA :/
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Quote:
https://www.ato.gov.au/Individuals/S...nd-compliance/
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23-07-2020, 01:54 PM | #19 | |||
Peter Car
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24-07-2020, 12:35 AM | #20 | |||
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Nope. Did you miss the part where I said the eligibility is so vague that almost anyone in these times is eligible? Pretty much unless your income or hours have stayed the exact same since pre Covid you could claim. Ato don’t have the staff to chase everyone. My missus works for the ato, they’re already cutting hours from the tax rush... Sent from my iPhone using Tapatalk |
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24-07-2020, 07:48 AM | #21 | ||
Thailand Specials
Join Date: Aug 2009
Location: Centrefold Lounge
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Super is a joke - you pay tax on it going in then depending on your age you pay tax on it coming out too.
Are people forgetting here that it's actually your money? I'd rather take the 9.5% in wages and then make sure I look after myself. The joke here is the government who tricked people into their self funded 'stimulus package' that the government got a slice of going in, now they're going to get a huge chunk of it going out too on people who 'fraudulently' capitalised on the opportunity to withdraw THEIR OWN MONEY. What a time to be alive Last edited by Franco Cozzo; 24-07-2020 at 08:08 AM. |
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25-07-2020, 08:05 PM | #22 | |||
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I hate the idea of Super - having said that I'm good with my money and invest well. If I had the choice to not pay it I wouldn't. This is the exception unfortunately, not the norm. How many people you hear call the radio crying for a handout; "I'm 77, Iv'e worked my whole life and my rotten teeth make me not able to eat properly, I'm on a waiting list and should get a spot next year, I don't have the $2,000 needed to get it done now - please someone help me?" Or similar.
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