10k Superannuation Application Process?

Discussion in 'Current Affairs' started by Silver260, Apr 22, 2020.

  1. Silver260

    Silver260 Well-Known Member Silver Stacker

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    Howdy all :)

    Has anyone here applied for this yet?

    I'm seeking clarification on information I'll need to provide. In particular, relating to the 20% reduction in hours ( as it is worded on the ATO website )

    In two weeks, I'll be taking a 37.5% pay cut ( Salary ) , but I technically won't be reducing my hours. Already talked to the boss, and if necessary my payslip could reflect the reduction ( new hours x old hourly rate = new total pay ). But is this necessary?

    Cheers

    Edit : Fixed a typo
     
    Last edited: Apr 23, 2020
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  2. oziwassabi

    oziwassabi Well-Known Member Silver Stacker

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    For what it is worth;
    I put in my "intention to claim" when it was first announced. My "employment" is in a casino so my PAYG hours have been reduced to 0 (I do receive some income from investments which are not affected at this stage)
    My employer during this time has applied for jobkeeper which they looked to have been approved for. I filled out a 2 page basic questionaire, sent by my employer, basically saying my hours have been reduced and I would like to recieve this allowance through this company.
    On Monday I completed the application through the ATO website for early access to super, another simple tick a box questionaire where I confirm my hours were reduced and how much I was seeking to withdraw for the first payment.
    Yesterday I received a txt then email from ATO saying I have been approved for the amount I requested and that my super company will make payment in 5 days.
    Not sure what background checks have been conducted or if the fact my company is involved with jobkeeper payments meant my application was streamlined?

    I did not supply any paperwork or supporting documents, however the ATO will be able to confirm loss of income when my taxes are done so people "gaming" this system could be found out then.

    Hope this helps?
     
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  3. Stoic Phoenix

    Stoic Phoenix Well-Known Member Silver Stacker

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    ^ they will just random audit, too many applications to check everyone
     
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  4. Silver260

    Silver260 Well-Known Member Silver Stacker

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    Thanks @oziwassabi
     
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  5. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    If you're operating a SMSF the advice we have received is that you will also have to satisfy your SMSF auditor come tax time. :eek:

    This could well be an onerous task as auditors are completely anal, impossible to reason with and will likely demand proof even though the ATO or whatever doesn't require you to supply proof as it just wants applicants to keep the documents in case of an ATO audit I guess.
     
  6. Silver260

    Silver260 Well-Known Member Silver Stacker

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    Luckily, I'm just a poor member of the working class. So the government are more than happy to give me my money...... if it helps save their budget ( for re-election ).

    I'm not expecting there to be any superannuation system , or pension system by the time I need them. So more than happy to oblige them.

    Edit : Of course, they'll get it all back when they hike consumer based taxes. How else are they going to pay for subsidising their mates.
     
    Last edited: Apr 24, 2020
  7. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Remember, they don’t need to pay for it.

    Printer goes brrrrrrrr ;)
     
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  8. Ag bullet

    Ag bullet Well-Known Member

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    yeah they don't need to pay for it. we do.
     
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  9. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Nope.

    Printer goes brrrrrrrr ;)
     
  10. Ag bullet

    Ag bullet Well-Known Member

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    cool. just print everyone $1 billion each. cocktails anyone?
     
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  11. jultorsk

    jultorsk Well-Known Member Silver Stacker

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    For the benefit of those who have not seen the amazing money printer go brrrr... it's real! :D
    https://brrr.money/
     
  12. oziwassabi

    oziwassabi Well-Known Member Silver Stacker

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    Update:
    My super balance was reduced by 10k today.

    To be honest I was expecting more of a reaction from the markets thur/fri as super funds began reducing positions... perhaps this coming week will have more of a response?
     
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  13. Silver260

    Silver260 Well-Known Member Silver Stacker

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    Applied yesterday, at 3pm, and received a text from my super fund at lunchtime today, saying I'd have the money within 5 days.

    A bitter sweet moment.
     
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  14. Ag bullet

    Ag bullet Well-Known Member

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    ^^^ had a similarly quick response. to be honest i'm astounded at the speed with which this happened. possibly a record for any govt dealings i've had.

    i can feel a few oz's of gold coming on.
     
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  15. oziwassabi

    oziwassabi Well-Known Member Silver Stacker

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    10k landed in account yesterday.
     
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  16. OneDay

    OneDay Active Member

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    These 10k pay outs should add to inflation.

    Everyone that can cash out super.... should cash out super.
     
  17. Ag bullet

    Ag bullet Well-Known Member

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    good reason to exchange it for gold then
     

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