What impact will 600,000+ people withdrawing super have on the markets?

Discussion in 'Sharemarket News & Market Analysis' started by Ozbargain, 10th Apr, 2020.

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  1. Angel

    Angel Well-Known Member

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    My understanding is yes, but I'm no taxation accountant.
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    The anti-avoidance provisions meant the ATO could deny a deduction, for something otherwise normally deductible, if
    a) it is a scheme, with
    b) the dominant purpose of a creating a tax saving.
     
  3. ALT

    ALT Well-Known Member

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    Also applied for the early access to super while on stand Down. Applied yesterday for 10k withdrawal , text came through today from ATO with payment to be paid into my nominated account within 5 working days.
    I’ll be doing something similar to Codie, As I can put this tax free money to work now.
    Besides next time I withdraw super there will likely be a Covid19 Super withdrawal tax attached to it anyhow.
     
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  4. Codie

    Codie Well-Known Member

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    hi mate yes thankfully they reduced my hours to 30hrs from the full time 38 so technically that’s a reduction of more than 20%

    I’ve also had tenants in writing say they will only be paying $130 a week less than agreed (I haven’t agreed to it)

    So Even though I have some savings technically I qualify. I’ve also applied for mortgage holidays which I plan to bank in the offset over the next 3 months, pay down the PPR split and re borrow and do the same. I should be able to DCA around $100k into VAS by early 2021 whilst also being fairly tax effective

    all of this of course is best case scenario providing the rent doesn’t completely stop & I do in fact finally get stood down.
     
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  5. wilso8948

    wilso8948 Well-Known Member

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    great news mate
     
    Codie likes this.

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