An Australian Tax Office crackdown on people setting up self-managed superannuation funds to illegally access their retirement savings has prevented the withdrawal of hundreds of millions of dollars.
ATO assistant commissioner Justin Micale told The Australian Financial Review that “illegal early release” was one of the SMSF enforcement team’s major areas of focus.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
