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:
- Disqualification: You could be disqualified from being an SMSF trustee, which would become part of your public record.
- 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
