Superannuation is intended to support people during retirement. There are clearly defined circumstances where early access to super is permitted, and if you take out your super without meeting these conditions, serious penalties could apply.
During challenging times, some people might consider accessing their super early. If you’ve been approached by a promoter claiming you can use your SMSF to pay off personal debts or meet other personal living expense, you should know that this is generally not true.
We have developed a fact sheet Accessing your super early may be illegal (PDF, 160KB)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.
If you have been caught in a scheme and accessed your super early 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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