Aussie Tax Office to Audit Early Access to Superannuation as Withdrawals Expected to Hit $42 Billion

Federal Treasurer Josh Frydenberg during a press conference in the Mural Hall at Parliament House on June 11, 2020 in Canberra, Australia Sam Mooy/Getty Images

The Australian Taxation Office (ATO) has confirmed that it has commenced a ‘pilot’ program to audit the applicant eligibility for the government’s COVID-19 superannuation early release scheme, with a broader compliance program under consideration.

The move came amidst the Treasury’s latest estimation that the paid-out total could hit $41.9 billion as the government has extended the scheme until December 31.