spacer
spacer
spacer
spacer



CPA LOGO
spacer
Latest News
Hot Issues
Small businesses may ‘collapse under strain of payday super’, IPA warns
ATO’s hands tied with scrapping on-hold debts, expert says
What Drives Your Business Growth and Profits?
Australian Taxation Office (ATO) shifting to firmer debt collection activity
Why employee v contractor comes down to fine print
Sharing economy reporting regime for platform operators
Countries producing the most solar power by gigawatt hours
Illegal access nets $637 million
Accessing superannuation benefits.
Does your business have a company Power of Attorney?
Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
GrantConnect
2 in 3 SMEs benefit from instant asset write-off, survey reveals
Updated guidance on R&D claims
Do you know how to recover debts?
Wheat Production by Country
Types of small business benchmarks
What is a Commercial Lease?
ATO warns advisers against suspect R&D tax claims
The year of workplace law upheaval
How to Resolve Invoice Payment Disputes
Raft of revenue tweaks in MYEFO to raise millions
The Countries that Export the Most Wine in the World
Articles archive
Quarter 4 October - December 2023
Quarter 3 July - September 2023
Quarter 2 April - June 2023
Quarter 1 January - March 2023
Quarter 4 October - December 2022
Quarter 3 July - September 2022
Quarter 2 April - June 2022
Quarter 1 January - March 2022
Quarter 4 October - December 2021
Quarter 3 July - September 2021
Quarter 2 April - June 2021
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 1 of 2023
Articles
Capital gains tax
Using your business money and assets for private purposes
Comparison: How Long It Takes To Decompose?
Details of tax calculation for $3m threshold a 'mixed blessing
Sharing economy reporting regime commences soon
Later retirement takes oldies back to living in ’70s
Changes to working from home deduction - started 1 Jul 2022
Accountants face client backlash over blizzard of tax changes
ATO figures reveal final 2022 DPN tally
Residential rental properties
Did you pay your superannuation guarantee payment late?
Five new year’s tax resolutions
ATO issues fresh warning on illegal early access schemes
Looming changes for the “buy now, pay later” market
Changes to Australian Business Number (ABN) registration compliance
100 Most Influential people in the world.
How crypto assets can trigger CGT tripwires
ATO targets dodgy deductions for holiday homes
Tips for small business owners
About the working from home safety and wellbeing checklist
Countries with the highest GDP per capita between 1800-2040
Downsizer age reduction now in force
Raids stop $33m in tax avoidance, ATO claims
100A ruling leaves trust decisions haunted by ‘uncertainty’
ATO issues fresh warning on illegal early access schemes

With illegal early access schemes on the rise, the Tax Office has issued a fact sheet warning super members about the promoters of these schemes.



.


In a recent update, the ATO warned superannuation members to be wary of anyone known as promotors who want to help set up an SMSF for the purposes of illegally accessing super.


The ATO said it’s important that anyone running an SMSF is aware that accessing super can be illegal at times.


“As a trustee of a SMSF it is your responsibility to ensure that if you are accessing your super early, you are doing this within super laws,” the ATO cautioned.


 

The ATO has recently released a fact sheet, Accessing your super may be illegal, which highlights what SMSF trustees need to know about accessing their super and what to do if they are approached by a promotor.


The fact sheet warned that some promotors may say they can help individuals set up an SMSF in order to access their super for reasons such as paying off your credit card, buying a house or to go on a holiday when this is actually illegal.


“These people will often charge you a lot of money, tell you to transfer some or all your super from your existing super fund to the SMSF and tell you that you can use as much as you need for personal expenses,” the fact sheet warned.


The ATO also warned there is the risk of identity theft with these kinds of schemes.


“These promoters may also ask for your personal information. If you give it to them, they can steal your identity. With your personal information, they can steal your super for themselves,” the ATO warned.


The ATO advised anyone contacted by one of these promotors to contact the ATO on 13 10 20 straight away to get advice.


“Do not agree to anything and do not sign any documents or give them your personal details,” it stated.


“Don’t access your super before you retire unless you meet one of the conditions that makes it legal to access your super and receive relevant approval.”


The ATO reminded SMSF trustees that most people can only access their super when they retire and turn 60 or when they turn 65, otherwise it’s illegal.


Last year, ATO assistant commissioner SMSF risk and strategy, Justin Micale, warned that the ATO was seeing an increasing number of trustees taking advantage of their direct access to their superannuation bank account and using these savings to pay for business debts, holidays, renovations and new cars.


Mr Micale said the ATO was stepping up its focus on licensed and unlicensed promoters of illegal early access schemes.


“This behaviour is unacceptable particularly as we know promoters often target people who are in vulnerable communities, under financial pressure and with low financial and super literacy,” he said.


 


 


 


 


Miranda Brownlee

23 January 2023
smsfadviser.com



16th-February-2023
spacer
Privacy Policy | Disclaimer