The Bottom Line Business Advisory

Where your business grows

The Bottom Line Business Advisory Pty. Ltd.
is a CPA Practice

Accessing your super early might be illegal

Accessing your super early might be illegal

Superannuation is a crucial way to save for retirement, but accessing it early requires meeting strict conditions. Beware of schemes claiming that you can use a self-managed super fund (SMSF) to withdraw your super early for purposes like paying off business debts, buying a car, or funding a holiday. These claims are red flags for illegal early access.

Consequences of illegally accessing your super early:

  1. Disqualification: You could be disqualified from being an SMSF trustee, which would become part of your public record.
  2. Additional Tax and Penalties: You may face additional tax, penalties, and interest.

What should you do?

  • If you’ve accessed your super early, contact the Australian Taxation Office (ATO) using their voluntary disclosure service.
  • Report anyone recommending an illegal early access scheme via the ATO’s tip-off form.

Stay informed and protect your financial future.

Read more about this topic on the Australian Taxation Office website


  • Featured Articles