How bloody Aussie is THAT!
Within the first hour of the new financial year, thousands of Australians accessed the Australian Taxation Office to get to their early release Superannuation under the Covid-19 Stimulus-Response causing the ATO website to crash.
With the new financial year here, Australians who chose to access their Super Money early were eligible to have the second lot of $10,000 released as from today. 2.4 million Australians applied for early release Super last financial year.
A sample was done of 13,000 Aussies who got early access Super. Of these, 64% spent on ‘Discretionary’ items such as gambling, alcohol, clothing, furniture and fast food.
Alpha Beta Director and Economist Andrew Charlton told the ABC last month:
“That tells us that much of this money was used for lifestyle reasons rather than necessity reasons”
The ATO is actively trying to manage their online traffic to fulfil the Superannuation requests.
Image via Down Detector
The ATO has actively warned those accessing their Super that they need to meet the eligibility requirements or face paying tax on that money. Fines are up to $12,600.
“If you are unable to demonstrate your eligibility when we ask for evidence, we may revoke the determination that we issued in respect to your application. This means the amount paid to you under Covid-19 early release of Super will be accessible income and needs to be included in your tax return and you will pay tax on the released amount”
the ATO reported in June. The ATO further reports against people making a tax return ‘Too Quickly’ as returns can be delayed with traffic or mistakes made which may result in a bill later on.
We will keep you updated on this story.