Faced with tough times, some people may be thinking about accessing their super early.
Taxpayers may have been approached by someone (a ‘promoter’) claiming that members of super funds can withdraw their super or use an SMSF to pay off debts, buy a car, or pay for a holiday.
The ATO warns taxpayers that this is illegal. Super funds should remind members that super is for retirement. Members need to meet very strict conditions to access their super early, and acccessing their super outside of these strict conditions is illegal.
Illegal early access to super can have a significant impact on members’ retirement savings, result in additional tax, penalties and interest, and lead to members being disqualified from ever being able to be an SMSF trustee again. When a trustee is disqualified, their name is published and this can affect their personal and professional reputation.
If a promoter gets a member to provide them with enough personal information, they may also steal their identity and use it to access their super for themselves.
If you have any questions or would like to speak to one of our professional business and tax advisors, please contact our office on (08) 9392 7600 to make a booking or click here.
With three offices across Western Australia and over 20 years of experience, Acclaim Accounting is a dynamic team of highly trained and skilled individuals committed to providing innovative and effective advice, excellent service and maintaining only the highest standards in ethical professional practice
We are thrilled to announce that Muntz Partners will soon be known as Acclaim Accounting. This change reflects our commitment to providing you with even better services and experiences. Stay tuned for more updates as we embark on this exciting journey together! Note: The change will take effect on May 15th 2024.
Exciting News! Muntz Partners is Rebranding to Acclaim Accounting
