NathanRicaud
Well-Known Member
No, all the money I took out of my super was at the start of covid, so I didn’t have to pay 20% tax thankfully!Ah, yes, I believe the U.S. CARES Act had similar provisions for people financially affected and needing to withdraw funds. I didn't pay too much attention, as I've been fortunate enough to have my livelihood unaffected and not to need the funds. I doubt anyone had traveling in mind when the taxes were waived for covid but que sera and all.
But didn't you withdraw from your fund much prior to covid? Did you have to pay 20%? If so, that sucks. If it's not super personal (although it would be personal to your "super", hey-o!), how did you get them to release your funds? I doubt you told the Aussie govt that you wanted to buy records, PT sessions, and travel?
Yeah, not sure what people had on their minds when taking out the super. At work, one woman took it out to buy a new car, and another took it out because she owes back her sister $50,000+. A close friend took it out because he’s moving interstate and I gave my reasonings for why I took it out and he did it. Like it all depends but I can imagine a lot of people actually taking money out of their super for travelling. I mean, why not!?
A lot of people do think it’s silly that I took out all the money from my super whilst others thought it was a great idea. Just depends on perception I guess. I’m definitely not an investor, that’s for sure