Tax Office warns against super schemes promoting early access

The ATO has warned that schemes offering people early access to superannuation are illegal.

The ATO also criticised the fees charged by such schemes and warned that the schems put people at risk of identity fraud.

A notice published by the ATO stresses that there are severe penalties for illegally accessing your super early. It alos indicated that promoters may receive significant fines and go to jail. Super savings are accessibly only at retirement age and while there are special circumstances in which super can be accessed, including medical conditions and severe financial hardship, the ATO warned that share market slumps are not seen as reasons for doing so.

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