Accessing super early may be illegal
Recognise the warning signs of a scheme to illegally access your super early.
Super is a way of saving for retirement and you need to meet very strict conditions to access it early.
Beware of people claiming you can use a self-managed super fund (SMSF) to withdraw your super early and pay off business debts, buy a car or pay for a holiday. This is a warning sign of a scheme to illegally access your super early.
Read our fact sheetThis link will download a file to help you recognise more warning signs.
You could face serious consequences for illegally accessing your super early. You may:
- be disqualified from being an SMSF trustee, which would go on your public record.
- have to pay additional tax, penalties and interest.
What should I do?
If you’ve accessed your super early, contact ATO using the voluntary disclosure service. ATO will take your voluntary disclosure and circumstances into account when determining any penalties.
You can report someone who recommends an illegal early access to super scheme using the tip-off form.
Book Free Consultation
Book your free 15 or 30-minute phone consultation at a time that suits you.
Recent Post
- Accessing money in your SMSF 14/05/2024
- Do your kids really want to take over your business? 14/05/2024
- Should you be the ‘bank of Mum & Dad’? 14/05/2024
- Company money crackdown 14/05/2024
- False invoicing arrangements come undone 30/04/2024
About RaAdvisory
RA Advisory provides accounting for small to medium businesses while also servicing your individual tax and financial needs.
5.0
(Based on Google Reviews )