Faced with tough times some people may be thinking about accessing their super early. You may have been approached by a promoter claiming you can use your SMSF to pay off debts, buy a car or pay for a holiday – it’s not true.
We have developed a fact sheet Accessing your super early may be illegal (PDF, 157KB)This link will download a file to help you understand when you can legally access your super. The fact sheet warns of the consequences of illegal early access and how to recognise the warning signs of promoters.
Illegal early access to super has serious consequences. It can have a significant impact on an individual's retirement savings, result in additional tax, penalties and interest, and they may be disqualified from being an SMSF trustee. The names of disqualified trustees are published on the website, and this can affect their personal and professional reputation.
We know the vast majority of SMSFs are doing the right thing, which is important to acknowledge. But as a regulator, our focus is drawn to those who are not.
If you have been caught in a scheme and accessed your super early you should contact us immediately using our voluntary disclosure service. We will take your voluntary disclosure and circumstances into account when determining any penalties.
You can report any promoters of illegal access to super schemes using our tip off form.
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