Quote:
Originally Posted by buggerlugs
Re the Job Keeper allowance thru Covid
This from my accountant this morn...........
The government has said they will audit everybody, however I don’t think it will be possible. Jobkeeper is rife with people abusing the system. It was supposed to be for businesses in trouble, but plenty of people saw it as a cash grab to get free money. The same situation is happening down here, plenty of people claiming it who shouldn’t. Last email from the ATO said there have been over 200,000 complaints lodged so hopefully they do something about it and go after the people who weren’t entitled to it.
We are all going to have to pay for this one way or another..........
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Similar thing with the early super access. Last week we received a report on how many people accessed early withdrawal from our company. The number did not correspond with the number of staff we had laid off or who had reduced hours....not by a long shot. A large number of people are wrongly accessing the $10k-$20k. I'm not judging because times are uncertain and I can understand why some people my have felt the need to take it "just in case".....but if you are doing it deliberately, its technically fraud.
Treasury is estimating that $42b will be taken out, it'll probably be higher if we include the unqualified. That affects everyone. It will hit everyone's super performance in some shape or form, and takes investments out of industries.
We can only hope there is some plan out of this.