Australians who withdrew super early without having lost work are under investigation ⁠— and might be facing a hefty tax bill

The Australian Taxation Office (ATO) has revealed it will investigate Australians who dipped into their nest egg despite not being eligible.

Culprits will have the amount withdrawn added to their taxable income, likely claiming back around a third of the withdrawn amount for the government empty-looking coffers. In instances where applicants can be seen to have deliberately duped the ATO, fines of up to $12,000 may be issued, leaving them worse off than they began.

Read more: https://www.businessinsider.com.au/early-super-withdrawal-penalty-ineligible-ato-2020-6

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