Super is a way of saving for your retirement. To access your super you must meet strict legal requirements known as Conditions of release. If you don’t, accessing it earlier is illegal.
What you need to know
If someone offers to help you access your super early or advises you that you can use a self-managed super fund, to pay off business debts, buy a car or pay for a holiday, this is not true and is illegal.
There are serious consequences if you access super illegally. You may be disqualified from being an SMSF trustee, which goes on the public record. Additional tax, penalties and interest may also apply.
What you need to do
If you've been involved in a scheme to access your super early, contact us immediately using our voluntary disclosure service. Your disclosure will be taken into account when we determine whether any penalties apply.
You can also report any person recommending an illegal access to super scheme using our tip off form.
Need more information? Download our factsheet on Accessing your super early may be illegal (PDF, 160KB)This link will download a file to help you recognise illegal access and what you need to do.
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