Early superannuation withdrawals

Early superannuation withdrawals

Early withdrawals of superannuation funds have been fairly uncommon in the past, but with many anxious about the security of their jobs and income, the Australian Taxation Office has seen an increase like never before.

Currently under review by the ATO are approximately 1,900 applications for early Super access, of which around 1,700 are flawed. Many conditions have applied in the several phases of applications, with the ATO receiving heavy criticisms around encouraging people to access their funds based on self-assessment rather than comprehensive income checks.

 

Read more

Related Posts

member-img

Superannuation and payroll changes to watch out for in 2020

The new year brings with it a raft of payroll changes, many aimed at reducing wage theft and non-com

Read More
member-img

Decoding JobKeeper for Employers

The government’s hasty answer to the financial strain of COVID-19 has puzzled many businesses rega

Read More
member-img

STP exemption period extended for closely held payees

The ATO has moved the exemption cut-off date for Single-Touch Payroll (STP) reporting back a full 

Read More