Show download pdf controls
  • Illegal early access to super - don't risk it

    Superannuation is money saved during one's working life for use in retirement. Withdrawing super early, or encouraging others to do so, without meeting a condition of release, is illegal.

    Beware of promoters offering to help you or your members withdraw their super early. These promoters often claim you can withdraw your super and put the money towards anything you want - this is not true.

    As an SMSF trustee, before you release any funds, you must ensure the member has met a condition of release. There are serious consequences for you and your fund if you release super before the member is legally entitled to access. These consequences could include:

    • disqualification of trustees
    • the fund made non-complying
    • administrative penalties
    • prosecution.

    Illegally accessing super early will cost members a lot more than the super they access and may also get them into trouble.

    If any of your members have been involved in a scheme, contact us immediately on 13 10 20.

    See also:

    Keep up to date:

      Last modified: 14 Mar 2019QC 58252