The Australian Taxation Office (ATO) has been cracking down on Self-Managed Superannuation Funds (SMSFs). Their focus is on illegal early access to superannuation funds. When individuals access their super early without valid reasons, it can significantly reduce their retirement savings and result in additional tax and penalties. Recently, the ATO disqualified 149 trustees due to non-compliance1.
This highlights the importance of adhering to superannuation rules and regulations to safeguard retirement funds. If you’re an SMSF trustee, ensure you stay informed about the latest guidelines to avoid disqualification and protect your financial future.
