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As cost of living pressures push Australians to make tough financial decisions, the tax office has issued a new fact sheet reminding superannuation fund members — and self-managed super fund (SMSF) trustees — that unauthorised early access to super is illegal.
In most circumstances, super can only be accessed once a super fund member retires and turns 60, or reaches the age of 65.
On Monday, the Australian Taxation Office (ATO) reminded superannuation fund members to be wary of misleading ‘promoters’ who say they can roll superannuation balances into a new SMSF and distribute the proceeds before it is permitted.
ABOUT THE AUTHOR
Senior Business Journalist
David Adams is a senior business journalist at SmartCompany. He is interested in the challenges and opportunities facing Australian businesses, along with the influences of technology, culture, and a changing climate. Before SmartCompany, David served as a reporter for Business Insider Australia. You can find him on Twitter at @DavidAdams_AU.
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