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September 02, 2020
The Australian Taxation Office has launched a pilot program to track down workers it believes may have been ineligible to withdraw up to $20,000 in retirement savings from their superannuation.
ATO officials told the Senate Covid-19 inquiry on Thursday that those who inappropriately accessed super could be taxed on withdrawals or face penalties of up to $12,600 for misleading statements.
Officials also sought to calm fears over a program to claw back jobkeeper wage subsidies from 8,000 businesses, revealing most had been cut off but would not be further punished for “honest mistakes”.
Scott Morrison defended the early superannuation release program, saying the government “doesn’t give people lectures about how they should spend their money” after reports many workers were saving the withdrawn super or paying down mortgages with it.