Illegal early access to superannuation

This proposed measure will introduce new penalties for promoters of schemes that facilitate the illegal release of superannuation. These new penalties will enable the ATO to prosecute scheme promoters.

Schemes that facilitate the illegal release of superannuation benefits undermine the government's retirement income policy and harm the retirement savings of members.

Current ATO activity focuses on other compliance treatments that disrupt and/or close down schemes. Criminal and civil sanctions for promoters of illegal early release schemes will enhance the ATO's ability to deal with these promoters and deter others from undertaking such activities.

Media release

For more information, refer to the following media releases:

• media Release No. 044, Penalties for Promoters of Illegal Early release Superannuation Schemes, issued 13 July 2012 by the Minister for Financial Services and Superannuation
• media Release No. 074, Stronger Super - Self Managed Super Fund Reforms, issued on 10 May 2011 by the Minister for Financial Services and Superannuation.

Legislation and supporting material

Draft legislation and Explanatory Memorandum was released on 20 August 2012.

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