Early withdrawals of superannuation funds have been fairly uncommon in the past, but with many anxious about the security of their jobs and income, the Australian Taxation Office has seen an increase like never before.
Currently under review by the ATO are approximately 1,900 applications for early Super access, of which around 1,700 are flawed. Many conditions have applied in the several phases of applications, with the ATO receiving heavy criticisms around encouraging people to access their funds based on self-assessment rather than comprehensive income checks.
