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ATO to crack down on self-managed super scams

Michael Read
Michael ReadEconomics correspondent

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The Tax Office is warning self-managed superannuation funds of a major crackdown over reporting breaches and targeting people who set up a fund to illegally withdraw their retirement savings, as the agency beefs up its compliance of the $860 billion sector.

Assistant commissioner Justin Micale told AFR Weekend that “illegal early release” was the biggest area of concern for the SMSF enforcement team.

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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

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    Original URL: https://www.afr.com/policy/tax-and-super/ato-to-crack-down-on-self-managed-super-scams-20220104-p59lsi