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ATO to crackdown on people rorting early super for tax benefits – NEWS.com.au
Tax office to crackdown on people rorting early super for tax benefits
The Australian Taxation Office has warned it will investigate people rorting super withdrawals to avoid paying tax. The ATO says it will crack down on taxpayers using a system loophole that allows someone to dodge paying personal income tax at the marginal rate.
According to the ATO, people are withdrawing money from super through the financial hardship measure tax free and then topping up their super account via a salary sacrifice at the superannuation tax rate of 15 per cent.
For example, a …
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