If you’ve been approached by someone promising to help you access your Self Managed Super Fund early you may wish to talk to your accountant first ….
The ATO has issued a press release advising that as a self-managed super fund (SMSF) trustee, you must ensure that the member has met a condition of release before you release any funds. There are severe consequences for you and your fund if you access your super before you are legally entitled to do so.
These could include:
- the disqualification of trustees
- the fund being made non-complying
- an imposition of administrative penalties
- prosecution.
The ATO says “Illegal schemes will cost members a lot more than the super they access, and may get them into trouble”. Concerned? Talk to our CPA Accountant for specific advice based on your circumstances – call now or email us anytime.
For ATO information on this topic go to https://www.ato.gov.au/super/sup/illegal-early-release-of-super/
