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Returning money to superannuation

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Newbie

Views 179

Replies 2

Pressured by friends into applying for early release on super due to Covid -19 but I have a full time job still working during this pandemic didn’t read the requirements that I had to meet to apply for it which was a major mistake if the application is approved are we able to put it back into a superannuation funds account ?
1 ACCEPTED SOLUTION

Accepted Solutions
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Best answer

Enthusiast

Replies 0

Hi @Teenz 

 

You need to contact the ATO ASAP and advise them that you made a genuine mistake so that they can revoke any determination that they make in your favour!

 

If your application is approved on the information provided and that information is not correct, and you do not do anything to stop the payment then you would have breached the super rules by illegally obtaining an early realese and those funds could be subject to taxation at the highest level and it will not make any difference if you pay it back at a later stage, the penalties will probably stick!!

 

When you contact the ATO they may not know what the procedure is for them to revoke a determination because the ATO seem very confused about how to correct mistakes on an application so you need to make reference to the following ATO webpage here under the heading of " Revocation Process ".

 

If they insist that they don't know what your talking about, then phone the ATO complaints line straight away,  phone 1800 199 010 8am–6pm, and lodge a formal complaint so that there is a formal record against your ATO account that you have tried to notify them about your mistake, as part of this process they will give you an ATO complaints reference number.  This is so you can cover yourself and hopefully avoid any penalties.

 

Contact the ATO ASAP !!  on 13 10 20

 

 

2 REPLIES 2
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Dynamo

Replies 0

Hi

 

Yes put back the money in super  as a Non Concessional Contribution so that no need pay tax .

Highlighted

Best answer

Enthusiast

Replies 0

Hi @Teenz 

 

You need to contact the ATO ASAP and advise them that you made a genuine mistake so that they can revoke any determination that they make in your favour!

 

If your application is approved on the information provided and that information is not correct, and you do not do anything to stop the payment then you would have breached the super rules by illegally obtaining an early realese and those funds could be subject to taxation at the highest level and it will not make any difference if you pay it back at a later stage, the penalties will probably stick!!

 

When you contact the ATO they may not know what the procedure is for them to revoke a determination because the ATO seem very confused about how to correct mistakes on an application so you need to make reference to the following ATO webpage here under the heading of " Revocation Process ".

 

If they insist that they don't know what your talking about, then phone the ATO complaints line straight away,  phone 1800 199 010 8am–6pm, and lodge a formal complaint so that there is a formal record against your ATO account that you have tried to notify them about your mistake, as part of this process they will give you an ATO complaints reference number.  This is so you can cover yourself and hopefully avoid any penalties.

 

Contact the ATO ASAP !!  on 13 10 20