'Rona Super Cashout Auto Investment Competition

[Sprintey]

During the Coronavirus pandemic, the government has allowed people to cash out an amount of superannuation, ostensibly to help with living costs if salary is impacted.

Instead, people seem to have gone on a rampage of buying toys and camping equipment. As a result, we can see this in the market and prices of desirable Aussie cars are up across the board at the lower end.

A theoretical exercise, a Gentleman's competition:

Pick which car will appreciate the best, that can be bought within the price range now. A rough timeframe to see who does best is period of 2 years after the Rona year 2020. You don't have to buy it for real - nope, kudos goes to who has the best sense of what will appreciate. There are two categories for this mind-exercise:

1) I cashed out 10K two years in a row, so my budget is 20K
2) I only cashed out one year, so my budget is 10K

Establish the market price now, and see where it goes. For example, with ED XR6's going quickly at 8K, I'm kicking myself I didn't pick up a good one in the last couple of years at 5K.

Good luck!

https://www.youtube.com/watch?v=wTP2RUD_cL0

[fordomatic]

Too late to establish a market price now, the prices have gone crazy in the last 3 months.

[Polyal]

Originally Posted by fordomatic

Too late to establish a market price now, the prices have gone crazy in the last 3 months.

Yeap, can we play this game in December?

Ive almost (almost) thought to put my ZF out there at a silly price to see who bites.

[Polyal]

https://www.justcars.com.au/cars-for...dan/JCW5165972

LOL

[fordomatic]

Originally Posted by Polyal

https://www.justcars.com.au/cars-for...dan/JCW5165972

LOL

I'm confident this sold in Canberra last year for around 12-13k, it was advertised at 13k. None of the options are factory and although I am different to most owners it was far from "immaculate", hence why I didn't buy it. I kind of wanted to for that "factory manual" as mine isn't factory, then i realised I was being really stupid as mine is a great daily

[Bossxr8]

The people who cashed out their super and didn't need it are going to get a severe rogering by the ATO. The ATO is double checking anyone who took out super, vs their one touch payroll amounts. They know who is still getting a full pay.

Get that lube ready.

[cheap]

I wonder if it ever occurred to people why the ATO was so heavily involved in managing JobKeeper, JobSeeker, and Early Release of Super and not the usual boffins at Centrelink?

[Dr Terry]

Originally Posted by cheap

I wonder if it ever occurred to people why the ATO was so heavily involved in managing JobKeeper, JobSeeker, and Early Release of Super and not the usual boffins at Centrelink?

Is it because most of those at Centrelink can't count past 10 without taking off their shoes & socks.

Dr Terry

[nstg8a]

Originally Posted by Bossxr8

The people who cashed out their super and didn't need it are going to get a severe rogering by the ATO. The ATO is double checking anyone who took out super, vs their one touch payroll amounts. They know who is still getting a full pay.

Get that lube ready.

The eligibility was so vague pretty much the only ones that weren’t eligible were people still earning exactly the same as they were pre corona. Which wasn’t many in the grand scheme of things.

ATO threats are just that, threats.

End of the day the ones that withdrew are only affecting their own futures, no one else.

[FoxtrotGolfXray 5.0]

Originally Posted by nstg8a

End of the day the ones that withdrew are only affecting their own futures, no one else.

Assuming that they don't become a burden on the welfare system, in which case every tax payer is impacted by their shortsightedness.

[nstg8a]

Originally Posted by FoxtrotGolfXray 5.0

Assuming that they don't become a burden on the welfare system, in which case every tax payer is impacted by their shortsightedness.

Which would make zero actual difference to any tax payer...

According to one of the articles on tv after the first round of withdrawals many of those withdrawing are either complexly clearing out their super, or close to it.
So depending on age, they were either never going to have enough to retire on anyway, or they have plenty of time to make it up....

[Sprintey]

Interesting replies, yes, the horse has bolted.

Will prices fall back to earth once the super cashouts end? Sanity would tend to suggest that yes, they will.

[Bossxr8]

Originally Posted by nstg8a

The eligibility was so vague pretty much the only ones that weren’t eligible were people still earning exactly the same as they were pre corona. Which wasn’t many in the grand scheme of things.

ATO threats are just that, threats.

End of the day the ones that withdrew are only affecting their own futures, no one else.

Seems pretty real to me.

https://www.businessinsider.com.au/e...ble-ato-2020-6

Australians who withdrew super early without having lost work are under investigation ⁠— and might be facing a hefty tax bill

JACK DERWIN



JUN 22, 2020, 11:29 AM


Australians who inappropriately cashed out their super could face a big tax bill.
The ATO will commence investigations into Australians who withdrew up to $10,000 of their superannuation despite being ineligible for the scheme.
Those caught will have the withdrawal amount added to their taxable income, netting the ATO up to 30% of the dollar figure, and penalties up to $12,000.
The move comes after Business Insider Australia revealed applications had been greenlit by the ATO and super funds despite individuals not meeting the scheme’s own criteria.

[Polyal]

Originally Posted by Bossxr8

Seems pretty real to me.

https://www.businessinsider.com.au/e...ble-ato-2020-6

Australians who withdrew super early without having lost work are under investigation ⁠— and might be facing a hefty tax bill

JACK DERWIN



JUN 22, 2020, 11:29 AM


Australians who inappropriately cashed out their super could face a big tax bill.
The ATO will commence investigations into Australians who withdrew up to $10,000 of their superannuation despite being ineligible for the scheme.
Those caught will have the withdrawal amount added to their taxable income, netting the ATO up to 30% of the dollar figure, and penalties up to $12,000.
The move comes after Business Insider Australia revealed applications had been greenlit by the ATO and super funds despite individuals not meeting the scheme’s own criteria.

10 Points to the ATO

[roKWiz]

I can not believe a good rust free XF panel van last year were $1300 - $3 000 (with rego) now if you can find one they are $10 000 plus in very average condition.

[Bossxr8]

Originally Posted by Polyal

10 Points to the ATO

Got to get the budget back in the black somehow. Solid troll job by the ATO

[nstg8a]

Originally Posted by Bossxr8

The move comes after Business Insider Australia revealed applications had been greenlit by the ATO and super funds despite individuals not meeting the scheme’s own criteria.

Because the ato did zero checks. As long as you ticked the right boxes they approved it. You effectively signed a stat dec saying you met the eligibility criteria.

At the end off the day, the ato will most likely only prosecute if someone is already in their targets.

They don’t have the staff to go double checking the 5 million or whatever it was that withdrew.

[Bossxr8]

Originally Posted by nstg8a

Because the ato did zero checks. As long as you ticked the right boxes they approved it. You effectively signed a stat dec saying you met the eligibility criteria.

At the end off the day, the ato will most likely only prosecute if someone is already in their targets.

They don’t have the staff to go double checking the 5 million or whatever it was that withdrew.

Did you miss the part where they said they are now reviewing the people who made claims against the payroll records? Would be a simple job for them.

If it brings them extra tax back into the system, then yes they will do it. Can't let that money go free now.

[Smoke Pursuit]

Its funny you mention this. I know of 2 people who have gone out and cashed super in and bought toys.



Typical of the live for today generation, lets not worry about tomorrow.

[MITCHAY]

The joy will be short lived. You can not access super early unless satisfying certain criteria due to financial hardship. They have gone for expediency over procedure in these unprecedented times like they have with other schemes. There is no way it would be this easy otherwise.

This is not a failure, it was about getting money out to people as quick as possible but if you take the **** and get caught you're in trouble.

You'd better hope that it was a good investment

[Poetic Justice]

I cashed out 20k
I'd probably buy the most reasonable condition HSV I could buy.
As much of a Ford man I am, I think the Holdens will appreciate better for a while.

[Citroënbender]

As we lurch more towards an American-derived false nostalgia, I’m tipping trucklets as goers. SWB non-dually, ideally stepside but styleside if you must. Dodge or IH.

[Polyal]

Good to see that CV hasnt effected peoples ambitions....

https://www.justcars.com.au/cars-for...dan/JCW5167569

I think I have seen an increase of toys for sale, few more GTHO copies and hot rods etc. I think the wave is coming.

[Sprintey]

Aim for the stars. Incidentally, that was the price asked of an auto blueprint AUIII XR8 brand new, 0 kms, on runout in Horsham when I was working there in 2003 and it was unloved a year after the AU ceased...