Opinion
‘It’s my money’ attitude leading to illegal super withdrawals
Early release of super is only supposed to allowed as a last resort. So why are so many people being approved to use it for dental work?
Peter BurgessContributorThe ATO has highlighted a concerning trend: unauthorised access to superannuation by SMSF members has reached significant levels – $381 million in 2019-20 and $256 million in 2020-21.
SMSFs should not be used as vehicles to access super illegally or provide short-term finance. As the regulator says, illegal early access has serious consequences. It can significantly impact retirement savings and result in additional tax, penalties, interest and even being permanently disqualified from being a trustee.
Subscribe to gift this article
Gift 5 articles to anyone you choose each month when you subscribe.
Subscribe nowAlready a subscriber?
Introducing your Newsfeed
Follow the topics, people and companies that matter to you.
Find out moreRead More
Latest In Personal finance
Fetching latest articles