I recived my group certificate from my super company because I withdraw on hardship grounds, I added it to my tax as I was taxed from them. It said I was getting it back but now it says 0. Why is the ato keeping my super money?
Hi @Toddy,
We're sorry you were told you would receive the tax you paid on your Early access of super withdrawal.
When you lodge your return we work out your tax liability and you'll be refunded any excess. It looks like you paid the right amount hence why you're not receiving a refund.
If you withdraw super due to financial hardship, it's paid and taxed as a normal super lump sum. The amount of tax that's withheld is dependant on age. If you're under 60 it can be taxed anywhere between 17% and 22%. Over 60 you won't have tax withheld.
More information is available about Tax on benefits on our website.
Hi @Toddy,
We're sorry you were told you would receive the tax you paid on your Early access of super withdrawal.
When you lodge your return we work out your tax liability and you'll be refunded any excess. It looks like you paid the right amount hence why you're not receiving a refund.
If you withdraw super due to financial hardship, it's paid and taxed as a normal super lump sum. The amount of tax that's withheld is dependant on age. If you're under 60 it can be taxed anywhere between 17% and 22%. Over 60 you won't have tax withheld.
More information is available about Tax on benefits on our website.
I had to do the same and am on a disability pension so have no taxable income. I can't see where to put that in tax return. I would presume l would get it all back?
Hi @Browny1966,
You would put the taxable component super withdrawal payment in your assessable income section of your tax return. Your super fund would have or can confirm how much the taxable component is.
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