Accessing Super Early

Accessing Super Early May be Illegal

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Super is a way of saving for retirement and you need to meet very strict conditions to access it early.

Beware of people claiming you can use a self-managed super fund (SMSF) to withdraw your super early and pay off business debts, buy a car or pay for a holiday. This is a warning sign of a scheme to illegally access your super early.

For most people, you can only access your superannuation when:

  • you retire and turn 60
  • you turn 65 (regardless of whether you’re working).

Otherwise, it is illegal.

You could face serious consequences for illegally accessing your super early. You may:

  • be disqualified from being an SMSF trustee, which would go on your public record.
  • have to pay additional tax, penalties and interest.

What should I do?

If you’ve accessed your super early, contact us using the ATO’s voluntary disclosure service. We’ll take your voluntary disclosure and circumstances into account when determining any penalties.

If you have any questions or queries related to your Super or SMSF please don’t hesitate to get in touch with us at STS Accounting.