Govt. lets people take money out of super

Discussion in 'Money Management & Banking' started by sharon, 23rd Mar, 2020.

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  1. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,504
    Location:
    Sydney
    There are several tests. One or more needs to be met at the time of ATO application.

    - Unemployed
    - retrenched
    - Receipt of benefits
    - Working hours reduced 20% or more
    - On or after 1 January Sole trader suspension of business or 20% reduced turnover

    Further ATO guidance will be available when the link is initiated within 2 weeks at www.ato.gov.au

    I query if the ATO will put a bar on concessional member contributions after a release is requested

    I see the ATO are already cautioning scammers :

    Be aware
    We’re concerned about scams or schemes where people:

    • impersonate the ATO, or a trusted organisation like your super fund, to steal your money or personal identifying information
    • contact you and charge for services that are free, like gaining early access to your superannuation.
    If you receive a phone call, text message or email offering to help you release your super early, do not:

    • provide your personal information
    • click on any links.
    ​
     
    Paul@PAS, 2nd Apr, 2020
    #21
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