'Rona Super Cashout Auto Investment Competition

[Bossxr8]

Originally Posted by nstg8a

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.

Did you miss the part where they said they are now reviewing the people who made claims against the payroll records? Would be a simple job for them.

If it brings them extra tax back into the system, then yes they will do it. Can't let that money go free now.

[Poetic Justice]

Originally Posted by Bossxr8

Did you miss the part where they said they are now reviewing the people who made claims against the payroll records? Would be a simple job for them.

If it brings them extra tax back into the system, then yes they will do it. Can't let that money go free now.

Reading FAQs on the ATO website about it and the scenarios they play out, you'd have to have blatantly done it and also subsequently ignored a direct warning about it to be penalised $12k.

https://www.ato.gov.au/Individuals/S...nd-compliance/

[Bossxr8]

Originally Posted by Poetic Justice

Reading FAQs on the ATO website about it and the scenarios they play out, you'd have to have blatantly done it and also subsequently ignored a direct warning about it to be penalised $12k.

https://www.ato.gov.au/Individuals/S...nd-compliance/

Wouldn't put it past some people.

[nstg8a]

Originally Posted by Bossxr8

Did you miss the part where they said they are now reviewing the people who made claims against the payroll records? Would be a simple job for them.

If it brings them extra tax back into the system, then yes they will do it. Can't let that money go free now.

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...


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[Franco Cozzo]

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

[Yellow_Festiva]

Originally Posted by Franco Cozzo

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?

Yes and no.

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.

[Beastie]

I'd buy a Jeep...

[Yellow_Festiva]

Originally Posted by Beastie

I'd buy a Jeep...

Then you would also need the bigger boat