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Culprits will have the amount withdrawn added to their taxable income, likely claiming back around a third of the withdrawn amount for the government empty-looking coffers.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

Comments

Post a Comment

Popular posts from this blog

How To Compare Removalists Quotes And Save Money

Image
 Hello friends, Hiring professional removalists in Brisbane is a wise and practical solution during a house move. The professionals have the expertise, experience and equipment to handle and move your belongings expertly. However, hiring professionals requires you to manage your moving budget well. If you don’t, you can easily deplete your savings. One of the best ways to estimate your spending is by getting quotes from removalists and comparing them to find the most affordable removal services. To know how to compare removalist quotes and save money, please read the article below. https://www.betterremovalistsbrisbane.com.au/how-to-compare-removalists-quotes-and-save-money/
Read more

Ziggy the Brisbane bag man's mission to access his money in the bank puts spotlight on homeless struggle

Image
 Zbygnew Wilczek has lived in parks around Brisbane's western suburbs for years, among dozens of plastic bags, cardboard boxes and umbrellas. Better known as Ziggy the bag man, the grey-haired character is well-known around the city and usually likes to keep to himself. But recently his friends got in touch with ABC Radio Brisbane's Rebecca Levingston — Ziggy needed help. Specifically, he needed help accessing money he held in a NAB account. Read More: https://www.abc.net.au/news/2022-05-23/ziggy-the-brisbane-bag-man-wants-access-money-nab/101084294
Read more

CityLink Cycleway 12-month trial ends, Brisbane City Council to assess success

Image
 A 12-month trial for separated bicycle lanes on three Brisbane CBD streets will be reviewed by the city council before it decides whether to keep the lanes or rip them up.  The CityLink Cycleway was installed on Elizabeth Street, Edward Street, and Victoria Bridge last year in a bid to boost cyclist safety and active travel through the CBD. Brisbane City Council transport chairperson Ryan Murphy said the lanes would remain open for both cyclists and e-scooter riders to use while it assessed the 12-month trial. "More and more people are choosing to ride, scoot or walk in the CBD and the CityLink Cycleway project has made this safer and easier for everyone," Mr Murphy said. Read More: https://www.abc.net.au/news/2022-05-05/brisbane-city-council-assess-cbd-citylink-cycleway-success/101038364
Read more