The Australian Taxation Office recently revealed that between 2020 and 2022, more than $630 million of super was illegally withdrawn by SMSF trustees, noting more funds appear to be at risk of breaching the access rules.

Much of this was done by newly established funds. That is, by people setting up SMSFs and having no genuine intent to run them, but with the motivation to raid their retirement savings, often facilitated by promoters charging large fees. The ATO has stepped up compliance action in the area.