Watch out for illegal early access of your SMSF

Accessing your self-managed super fund (SMSF) early could land you in serious trouble with the Australian Taxation Office (ATO).

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

 * You retire and turn 60

* You turn 65, regardless of whether you’re working

 Illegally accessing your SMSF early could mean you:

 * Lose your retirement savings

* Pay extra tax, penalties and interest

* May be disqualified as an SMSF trustee and have your name added to the online register of disqualified people

 You may be approached by someone offering to help access the funds early, often to help pay off your credit card, buy a property or go on holiday. This is illegal and you should report these people, known as promoters, to the ATO.


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