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withdraw super when I am not eligible

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Newbie

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Replies 2

I withdrew super for $10,000 not knowing that I am not eligible to access the covid-19 early access. I am 40 years old. I will put this amount in my tax return, what item do I put in? Item 8? or in other income 24, thanks

1 ACCEPTED SOLUTION

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Most helpful response

Champion

Replies 0

Hi @KB9,

 

Thank you for doing the right thing!

 

Before you do anything, we suggest that you have another look at the COVID-19 early release of super eligibility requirements as you may have been eligible after all. For example, if you were a sole trader whose business had a reduction in turnover of at least 20% on or after 1 January 2020, you were able to access your super.

 

If you determine that you weren't eligible, please call the superannuation enquiry line to discuss this with one of our super team officers before completing your tax return.

 

Thank you.

2 REPLIES 2
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Most helpful response

Champion

Replies 0

Hi @KB9,

 

Thank you for doing the right thing!

 

Before you do anything, we suggest that you have another look at the COVID-19 early release of super eligibility requirements as you may have been eligible after all. For example, if you were a sole trader whose business had a reduction in turnover of at least 20% on or after 1 January 2020, you were able to access your super.

 

If you determine that you weren't eligible, please call the superannuation enquiry line to discuss this with one of our super team officers before completing your tax return.

 

Thank you.

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Community Support

Replies 0

Hi @KB9 

 

We have added some additional information to our previous response that we suggest you check out. Depending on your circumstances, you may have been eligible to access your super after all.