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COVID early release of super fraud
Answered 4 years ago
Do you know many people that gave openly admitted to withdrawing their super even though they don't meet the criteria? Just had a third person I know "bragging" they did this 🙄
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ANSWER
4 years ago
She's referring to the bullshit people are spinning to have money released. I get it's their own money but it's fraudulently obtained in some cases
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4 years ago
Spinning what bullshit? You don't have to spin anything. Get your facts straight. You tick a box, that's it.
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4 years ago
A box that says are you eligible.
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4 years ago
Lying is lying
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4 years ago
It's more than just ticking a box now isn't it? I know the facts lady but apparently you don't 😱
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4 years ago
It's fraud
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4 years ago
Maybe a big opps on your part now
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4 years ago
$25,000 fines! 🤯 Glad I didn't do that.
ANSWER
4 years ago
Super is often a fraud anyways. If you stop working to have children or for whatever reason they steal heaps of your money in "fees" anyways. Mine depreciated more than I had earnt with one fund and the other they completely cleaned out with fees. Lol. So I took what Iittle I had out - as I did recommend to my family. I'd rather spend my own money than donate it to the wealthy.
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4 years ago
There has been a cap on fees for at least 10 years or so. But yes, I had this happen when I stopped working f/t approx 15 years ago to go back to uni.
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4 years ago
Yep I took my super out through this as I’m “unemployed” and have been since we had kids, when I stopped working 10 years ago my super was 12k
There was only 6k left to pull out. I jumped at the opportunity to take it out!
I met the criteria for being unemployed.
There was only 6k left to pull out. I jumped at the opportunity to take it out!
I met the criteria for being unemployed.
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4 years ago
Does it have to be COVID related?
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4 years ago
^^ I did this too it has helped me and my family too
ANSWER
4 years ago
So a drink driver can have a crash and pull money out of super to cover the expenses but a family can't pull it out to keep the wolves from the door???
What the actual fuck???
What the actual fuck???
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REPLY
4 years ago
I don't think you understand
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4 years ago
Sooooooo missing the point
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4 years ago
No I'm not missing the point. My point is you can cry poor after doing something stupid and get super but proteome will be punished for using covid release of super to ease some pressure on their family financially.
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4 years ago
That's their problem.
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4 years ago
Exactly who is crying poor dear? Did you get your information from Facebook again?
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4 years ago
Thats not what the OP is talking about. If you fruadulently obtained it you havent lost income. But If you were already unemployed you are entitled. If your wage went down you were entitld.
ANSWER
4 years ago
Who cares what people do with their money. Theyve earnt it, they know the repercussions, move on. Worry about your own lives.
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4 years ago
I agree it's nothing to do with anyone else. But it is frustrating when people do such stupid things.
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4 years ago
How is it stupid? Because its stupid to pull out some money to keep your family afloat??? To keep home insurance, health insurance, car insurance, pay bills? Feed your kids and provide for them? To cover expenses that the job keeper/job seeker aren't enough to cover? Yeah, pretty stupid.
FYI our future is uncertain. I think we can get by. But I'm pulling money out anyway - just in case. Once life is more certain I'll put it back into super and resume making our own contributions.
I think you shouldn't be so narrow minded, ignorant and arrogant about this.
Peace.
FYI our future is uncertain. I think we can get by. But I'm pulling money out anyway - just in case. Once life is more certain I'll put it back into super and resume making our own contributions.
I think you shouldn't be so narrow minded, ignorant and arrogant about this.
Peace.
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4 years ago
👍👍 ^^
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4 years ago
^OP is talking about people who FRAUDULENTLY obtained it. Not genune need
ANSWER
4 years ago
We pulled it after being told works going quiet so prepare. But because at the time we didn't officially I guess meet exact criteria we could now be fined $12000+...the payslips for those couple weeks had dropped 20% but I don't know now if we're stuffed and now works dead and they're going on a redundancy/firing rampage and going to be asked to take annual leave because there's not enough work..but because the time we pulled it it can mean we possibly get fined. I wish they'd do proper processing on applications. And yes we knew the repercussions before withdrawing but if the ato actually data matched the payroll instead of us guessing the drop and hoping we're 100% eligible to it a whole lot of people could avoid the heartache coming once tax returns are lodged
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4 years ago
I think the 12k fine is to do with those scheming the system- there are people who are taking the money out and then clearly redepositing it back into super making 30percent profit in some cases. Those who did it without truly being eleigibe are getting threatened with having it added to their income- so taxed 30pecent on it. I agree it was not clear in a sense that you’d expect they would ask a few more questions and take a little longer ‘processing evidence’. That said I think they could not possibly come after those like you
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4 years ago
I think you'll be ok. Please don't let the bitchy asshole trolls get to you. They're making waves for no reason 😊
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4 years ago
You can justify it - don't stress. I'm the same. Sure i lost wages but i think it was a tiny bit under 20% but then i lost all my wages one week. I'm not worried. I can justify why and it ain't greed.
Some of the bitch witch hunters out there are probs annoyed they haven't got any super to fall back on.
Some of the bitch witch hunters out there are probs annoyed they haven't got any super to fall back on.
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4 years ago
I posted reply: I'm just worried because we need to pull another 10 when we can because it's getting worse and not eligible for Centrelink or anything and don't want to be barred from getting it as such... we're in Victoria too so it's getting bad down here there's no other work around and they're talking hard lockdowns again 😔
REPLY
4 years ago
I hope rather than slapping with fines they ask why people did it and if it's justified then it's okay
ANSWER
4 years ago
If it was pulled out and you weren't affected by COVID there will be tax to pay on it too. I lost my job and took $5K out to pay rent.
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4 years ago
💜
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4 years ago
That's not true. No tax on it. Not that three should be either.
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4 years ago
*there
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4 years ago
Think she meant if it's pulled but not covid related it's got tax on it. And they're fining up to $12000 for those who don't meet the criteria but still withdrew it
REPLY
4 years ago
^ the money withdrawn will also be added to their taxable income if it was fraudulently pulled
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4 years ago
I think peoples income had to be down a certain percentage to be eligible to withdraw. Maybe. Sorry if I'm not correct. We didn't withdraw any so I may not have all the facts
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4 years ago
You'll be fine then. All the best.
ANSWER
4 years ago
what a government scam, what a money grab.
ANSWER
4 years ago
Perhapse you should tip off the ATO then.
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REPLY
4 years ago
They already know. They get you a tax time.
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4 years ago
Investigations have already begun
ANSWER
4 years ago
It's not about pulling money out if needed. I get that. OP means people doing it that don't need to or are blowing it on rubbish.
I understand the economy needs help, and I guess who's funding pensions in 10-20 years is another government's problem. If you have reasonable Super, be prepared to have it overtaxed to pay for those that spent theirs now.
I understand the economy needs help, and I guess who's funding pensions in 10-20 years is another government's problem. If you have reasonable Super, be prepared to have it overtaxed to pay for those that spent theirs now.
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4 years ago
Yep every stimulus must be paid for
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4 years ago
Its their moneyto waste on whatever they wish to though. You cant dictate what hat people spend their money on. Just as you wont get the gov to ban gambling, alcohol and ciggies.
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4 years ago
OP of this comment. I didn't say it was my business, not judging anyone who took it out. I merely pointed out politicians only care about the next election, not twenty years time, so be careful about your choices. It's no issue for me, personally, unless I pay higher tax to pay for more pensions.
I've friends who are in a dire, non Covid related poor financial situation. They pulled money out anyway to 'have some savings'. They wasted it on crap within 24 hours. The next lot will be for a holiday. Not really future proofing.
I've friends who are in a dire, non Covid related poor financial situation. They pulled money out anyway to 'have some savings'. They wasted it on crap within 24 hours. The next lot will be for a holiday. Not really future proofing.
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4 years ago
^ Good comment about the pollies. Bob Hawke did a fantastic job introducing the medicare system. We need another pm with bobs balls
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4 years ago
They're all talk no action these days
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4 years ago
There won’t be a retirement for people from now on for 5+ years if we fall into depression
ANSWER
4 years ago
Dob them in if it bothers you so much!
ANSWER
4 years ago
I read somewhere that 78% of that money was spent on eating out, gambling and clothes.
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4 years ago
And thats what the goverment wants. People to spend money on not only “need” but unnecessary “wants”.
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4 years ago
That is so fucked up.
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4 years ago
You read it on Facebook so it must be true, right? 😂
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4 years ago
Gambling ??? The tab and keno has only just opened here, no casinos or pokies yet. That’s lots of online gambling
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4 years ago
It was on the ABC news this morning that gambling has risen 12% for men and 6% for women, alcohol/tobacco purchases have risen 8% for men 5% for women, clothing purchases have risen 10% for men and 16% for women.
Definitely not 78% of anything.
Definitely not 78% of anything.
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4 years ago
These increases aren't all because of super withdrawal. Centrelink payments doubled. There was 750 handed out as well. Gambling initially dropped with the closure of casinos and TABs. So when people played online of course it showed as an increase.
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4 years ago
Actually I don’t have facebook and my husband is a statistics person and he mentioned this to me too. The gambling is a huge one, and the rest is also substantiated and a real insight into the reality of the majority of that money
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4 years ago
Also for some who’s husband worked for sports bookies for the last 15 years- the reality is that depressions are the best time for gambling. Covid has obviously put a stop to a lot of sports and they STILL find a way to gamble- look past the small increase it is all there
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4 years ago
Yes gambling and drinking increase in bad economic times.
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4 years ago
^ Its a really sad cycle
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4 years ago
It is, but it happens every few years.
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4 years ago
People are unhappy
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4 years ago
I'm not. I couldn't possibly be any happier than i am right now ❤
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4 years ago
👍👍
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4 years ago
Eating out? Reaturants are closed or were
ANSWER
4 years ago
Its their money they should be able to access it when they need it.
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4 years ago
Yes, they should. They should also have to sign a form stating they understand if they don't plan for retirement they will end up working until they die.
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4 years ago
^ I would put it so harshly but it's a very good point
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4 years ago
* sorry wouldn't
ANSWER
4 years ago
I like how they say you can't spend it on debt repayment and other stuff, but we can't tell you how to spend it 😂
I know people who are still working who withdrew and bought second hand cars and caravans and camper trailers etc.
Doesn't seem like a necessity but whatever
I know people who are still working who withdrew and bought second hand cars and caravans and camper trailers etc.
Doesn't seem like a necessity but whatever
ANSWER
4 years ago
I took my whole super out last year $100,000 & I have about 30,000 in there. I am 35 years old & I’ve been working since I was 16..
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4 years ago
You made 30k in a one year?
ANSWER
4 years ago
Goverment wants people to spend monies.... might as well be their own ones instead of government handouts. I listened to a radio on the way to work not long ago. I was surprised how much it was encouraging for younger people to get their super out. Blantly saying, to let everyone you know who is down on their luck or needs extra cash that super is being released.
Economy is going to sh*ts. They need people to spend. You should be happy that people who dont need it for basic needs get it out. They are the ones who will spend it on supporting buisnesses amd get the ball rolling.
I am not sure about the bragging part, hardly an achievement.
Economy is going to sh*ts. They need people to spend. You should be happy that people who dont need it for basic needs get it out. They are the ones who will spend it on supporting buisnesses amd get the ball rolling.
I am not sure about the bragging part, hardly an achievement.
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REPLY
4 years ago
This; I don’t think the government is too worried as I think part of the plan to allow such easy access to super was not only to take the pressure off centerlink, and fill in any gaps of people needing cash, but also to help float the economy.
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4 years ago
Scott Morrison can suck it I'm not spending my money. I'm saving it for the rainy day because it's coming.
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4 years ago
Which is smart, unfortunately if we all stop spending it will cause the rainy day.
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4 years ago
Lol ☝🏻 This
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4 years ago
Better them than me honey
ANSWER
4 years ago
I’m curious how this is going to play out. It seems that given the times, it’s hard for me to imagine the ATO coming after this..they have so much on their plate
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4 years ago
With one touch payroll the ATO will know exactly how much people earnt in a specific period so they will be able to data match fairly easily
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4 years ago
See the fault I see with that, is the job insecurity factor. Income may have not gone done, but it may feel like a now or never deadline...but what exactly are these people spinning??
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4 years ago
presumably self emplyed people
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4 years ago
Wrong ^^
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4 years ago
whats wrong? which comment are you responding to?
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4 years ago
I don't know why they would be bragging about it. If they don't really need it then it just makes bloody stupid doesn't it?
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4 years ago
Yep fucking imbeciles
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4 years ago
Its just greed
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4 years ago
I dunno if its greed or whether its lack of trust in the government that they wont take your super anyway.
ANSWER
4 years ago
I withdrew whatlittle wasnt taken in fees. Hesta took 69% annually in some fees forhaving it in a pool or something plus another $65 in fees annually in 5 years my hard work amounted to $120 left. I took it out. I lost income from child support its loss of income. I had to feed my kid. If they want to chase me over $120 they can. I dont have friends or family to rely on for financial bail outs. Loss of income is loss of income.
ANSWER
4 years ago
The government won't care, people spending keeps the economy going. If people are stupid enough to use their super to eat out, but crap let them, some really need it. We won't get pensions when we retire so it won't negativity effect the government.
ANSWER
4 years ago
Unemployed.
It’s a pretty easy criteria to meet at the moment when we had mass unemployment
It’s a pretty easy criteria to meet at the moment when we had mass unemployment