This is the question on a lot of Australian lips at the moment and a good number of Australians have taken it whether they should or not.
A report came through just the other day that nearly 40% of Australians who have taken their super have not been impacted with Covid19 with 19% actually having had a 10% wage increase.
The ATO are now taking note and placing a spotlight on everybody taking their super, giving out fines for those not impacted and taxing their withdrawal. Of course, there are Australians who have genuinely been impacted by Covid19 and have taken their super and used it wisely to pay outstanding debts, food and other essential items.
If you have been affected and have taken your super, make sure you have a plan to try and get back those funds over time.
If you have already or are thinking about withdrawing super, then give Nick from Coast Financial Planning a call, so you can either make a plan to you replenish your funds in the future or show you how you can use your super monies to the most effective way.
Finally, if you are thinking of taking your super to go towards your deposit for your future home or investment… don’t! It will impact your ability to apply for a home loan. Please discuss with us first.