Hi, I hope this finds you and your family safe and well!
We are getting some enquiries from clients about strategies involving the release of money from your super fund to utilize in investing in shares etc in their own name. The strategy involved making a tax deductible contribution into the persons super account, claiming the deduction against their income and then applying to the super fund to have $10,000 released to “assist” them during these tough times.
In theory the strategy is sound but we think this strategy is going to be red flagged with the ATO so would be cautious. I have attached a post from the ATO on Linked in. Also please contact your accountant before you attempt this strategy just to make sure you are not going to strike any potential issues with the ATO.
Article Post Link: https://www.linkedin.com/feed/update/urn:li:activity:6653135859203878912/