ATO data matching for Job Keeper/Seeker

ATO data matching for Job Keeper/Seeker

Over the last few months, the government has come out with a range of support to help struggling Australians. Job Keeper, Job Seeker and Early Access to super are just a few of the popular ones.

Well over one million Australians have gained early access to their superannuation. This Scheme allowed eligible individuals to withdraw up to $10,000 last financial year and $10,000 this financial year. 

To allow for quick access, individuals self-assessed/declared their eligibility to access super. But there are fears people are taking advantage of the system. It’s an unpopular move from the ATO to review early access to super and a common argument made is “it’s your own money”. 

While this argument is technically right, they may be forgetting that it has been sitting in a low tax environment and is designed to support you upon retirement. 

As Tax season rolls around, the Australian Taxation Office (ATO) will take a keen interest in these payments. They want to ensure the rules were followed. The ATO recently announced they are going to access data from Services Australian (Human Services Australia) and verify the eligibility of payment recipients.

The ATO is going to use a “data matching” program and will review identification and government payment data to verify that the receivers were eligible. The ATO is even going to review incarceration data between 1 March 2020 to 27 September 2020. 

Investing Discussion
Author: Investing Discussion

Founder of Investing Discussion Australia

Leave a comment