Can I access my super to save my business?
Using your superannuation for anything other than its intended purpose – your retirement – can be a legal minefield.
Dear Ms Wise, I read in your paper recently that AirTrunk chief executive Robin Khuda accessed his super to save the company. I have an SMSF and my small business is on the brink of insolvency, so I would like to do the same. Is this legal?
The wisdom: There are some limited circumstances in which you can access your super early on compassionate grounds, but, unfortunately, an ATO spokesperson says saving your business is not one of these.
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