Superannuation is a crucial part of retirement planning, designed to ensure you have enough funds to live comfortably when you stop working. While it may be tempting to dip into your super for immediate financial needs, doing so without meeting the strict conditions can land you in hot water.
Be wary of schemes suggesting you use a self-managed super fund (SMSF) to access your super early for purposes like paying off business debts, buying a car, or funding a holiday. These are often warning signs of illegal early access schemes.
Our fact sheet provides detailed insights into these schemes, helping you identify the warning signs and avoid potential pitfalls. Download it to stay informed.
Illegally accessing your super can lead to severe consequences:
Disqualification: You may be disqualified as an SMSF trustee, which becomes a part of your public record.
Financial Penalties: Expect to pay additional tax, penalties, and interest, making it a costly mistake.
If you've accessed your super early or suspect any fraudulent activity, don't hesitate to contact us. We're here to help you navigate the complexities and ensure you're on the right track for a secure retirement. Remember, it's never too late to seek advice and rectify any mistakes. Stay informed, stay safe!
Source: ATO Published 18 April 2024