Coronavirus superannuation tax loophole

Coronavirus economic downturn has inspired a superannuation tax loophole — but not everyone can benefit

How would you feel if you were having a Zoom meeting with your accountant and they asked "would you like to save more than $5,000 in income tax over the next six months?"

While probably a bit sceptical (did I hear right? Maybe this technology is faulty? What's the catch? Surely this is too good to be true?), you might be intrigued. You might even turn up the volume to make sure you hear the next bit.

What about if they followed up with: "It's completely legal. The Australian government will be picking up the tab as part of the stimulus packages! Plus, you can do it mostly risk-free. But you do have to rearrange your financial affairs a bit, and deal with some bureaucratic hurdles."

What the accountant would be referring to is a generous incentive that is on offer now over the next six months.

 

Sorry, two threads on this already:

Access to $10,000 Superannuation in Virus Hardship Cases
Superannuation tax loophole for early access stimulus?