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Early Super release covid19

Newbie

Views 691

Replies 2

Hi all,

I have already submitted the application for the Covid19– early release of super benefit in last FY (June 2020).

Application approved and I have received the payment on 1/07/2020 as well.

However I have realised later that I read the eligibility criteria incorrectly. I mixed up with Jobkeeper and Jobseeker when I submit the application.

My company is receiving the jobkeeper payments on behalf of me at the moment. We had to take few unpaid leave dates during last two months, but that didn’t effect significant difference in my salary. I don't get Jobseeker payments. 

I was too late when I realised this mistake. Now I need to send this money back to my super account again. 

I heard super fund can do restitution for these kind of mistakes. So I just want to get your advice on this issue.

Thank You!

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Former Community Support

Replies 1

Hi @Ceekaa2002

 

You are right that there are things you can and should do if you have taken out your super when you were not entitled to. 

 

  • You must contact us as soon as possible so that we can officially note down that you are ineligible and that you applied because of a genuine misunderstanding / mistake. Making this voluntary disclosure is very important as it shows a desire to make things right and will help you avoid penalties or other consequences.
  • You should also talk to your Super Fund about how you can recontribute that money back into your account given you have said that is what you would like to do with it.

 

AlBar

2 REPLIES 2

Most helpful response

Former Community Support

Replies 1

Hi @Ceekaa2002

 

You are right that there are things you can and should do if you have taken out your super when you were not entitled to. 

 

  • You must contact us as soon as possible so that we can officially note down that you are ineligible and that you applied because of a genuine misunderstanding / mistake. Making this voluntary disclosure is very important as it shows a desire to make things right and will help you avoid penalties or other consequences.
  • You should also talk to your Super Fund about how you can recontribute that money back into your account given you have said that is what you would like to do with it.

 

AlBar

Newbie

Replies 0

Hi Albar,

 

Thanks for your response.

I have contacted ATO straight after when I realised this issue. I have spoken with Jordan (ATO Operator) on 6/07/2020 at 5:40 PM regarding this. According to him, I cannot refund this money back to super account though ATO once that released.

I am not sure whether he has officially noted down that on my account. I will contact ATO again today and double check this.

Also I have contacted my Super on 15/07/2020 to find out the options that I have to transfer these money back to my account. They provided me the BPAY details to transfer this money back to my account. However this payment will go as Employee Contribution. I am going to transfer that money back to my super account for the time being.

Thanks for your help again. I will post more details once I get contact ATO today.