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Early release of super - COVID 19

Newbie

Views 683

Replies 3

Hi there,
I am a temporary visa holder that lost my job due to the covid 19 crisis and couldn’t meet my immediate expenses. I therefore was eligible to apply for the early release of super. I have received $10k but in the meantime my parents from overseas sent me money to help me out. I would rather use their donation rather than my precious super. I was going to put this $10k back onto my super account but someone told me that it could be seen as a scheme to pay less taxes? Can someone please provide more information. I really wanna try to put this money back into my super but don’t want to do something illegal.
Thank you.
Regards.
1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Former Community Support

Replies 2

Hi @Vincent203 ,

There's not much the ATO can do once its been applied for and released from your super fund. According to Early release of super (under section, "Application tips"):-

"An application can't be withdrawn or cancelled once it has been submitted. If you no longer want the release of your super, you will need to contact your fund".

 

You could try and contribute it back into your super fund. If you are concerned about how the ATO would view your handling of this issue, contact us and let us know what the end result of your action with the fund, in terms of your contributions. 

 

 

3 REPLIES 3

Most helpful response

Former Community Support

Replies 2

Hi @Vincent203 ,

There's not much the ATO can do once its been applied for and released from your super fund. According to Early release of super (under section, "Application tips"):-

"An application can't be withdrawn or cancelled once it has been submitted. If you no longer want the release of your super, you will need to contact your fund".

 

You could try and contribute it back into your super fund. If you are concerned about how the ATO would view your handling of this issue, contact us and let us know what the end result of your action with the fund, in terms of your contributions. 

 

 

Newbie

Replies 1

Hi there,

Thank you for your quick reply.
I already have the money on my bank account so I am not looking to cancel the application.
Just wondering if I can put the money back on my super and what would happen if by doing so it reduces my taxable income? I don’t want the ATO thinking I did it just for that.
Hopefully I’m a bit clearer now.
Thank you

Former Community Support

Replies 0

Hi @Vincent203 ,

Putting super back into your super fund at this point is not like salary sacrificing (pre-tax contributions), so it won't affect your taxable income.

 

You may want to contact us to advise what you did, but also be careful in claiming deductions/rebates on super in your tax return, if you did return these contributions into your super fund (as this is not ordinary personal super contributions).

 

Thanks,