Australia Law
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Answered in 19 minutes by:
1/17/2010
Brisbane-Lawyer, Solicitor - Admitted 2005
Category: Australia Law
Satisfied Customers: 14,361
Experience: I did my law degree at the University of Queensland
VerifiedQ: Will I be up for ATO Tax on my Aussie Super?
A: If you have already withdrawn 100% of it, then it would have been taxed when you took it out.
Q: Will I incur any penalties?
A: For what? If you have receached the preservation age, then you can withdraw all or a portion of your superannuation. When you do, tax is deducted from it.
Q: Do the Aus/NZ Tax Offices talk?
A: Yes, they are connected at the hip.
Q: Do I need to take any action to inform the ATO?
A: If you mean do you need to inform the ATO that you are resuming employment, then yes - you are supposed to provide your tax file number to your new employer, and the ATO therefore becomes mindful of your new employment.
If my answer has been helpful or informative, please press the green Accept button. I am also able to answer further questions after accepting.
Edited by Alex on 1/17/2010 at 7:39 PM EST
A: If you have already withdrawn 100% of it, then it would have been taxed when you took it out.
Q: Will I incur any penalties?
A: For what? If you have receached the preservation age, then you can withdraw all or a portion of your superannuation. When you do, tax is deducted from it.
Q: Do the Aus/NZ Tax Offices talk?
A: Yes, they are connected at the hip.
Q: Do I need to take any action to inform the ATO?
A: If you mean do you need to inform the ATO that you are resuming employment, then yes - you are supposed to provide your tax file number to your new employer, and the ATO therefore becomes mindful of your new employment.
If my answer has been helpful or informative, please press the green Accept button. I am also able to answer further questions after accepting.
Edited by Alex on 1/17/2010 at 7:39 PM EST
Brisbane-Lawyer, Solicitor - Admitted 2005
Category: Australia Law
Satisfied Customers: 14,361
Experience: I did my law degree at the University of Queensland
VerifiedBrisbane-Lawyer and 87 other Australia Law Specialists are ready to help you
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