Beware of SMSF Promoter Schemes

The sole purpose of a self-managed super fund (SMSF) is to save up for your retirement savings.

There are people promoting early access schemes which are illegal and could cost you more than your retirement savings. Be on the lookout for dodgy advice, don’t take up any offers without first checking if they are legal and learn how to spot the warning signs.

If you have been approached by anyone telling you that you can withdraw your super early (without meeting a condition of release) you need to: 

• stop any involvement with the scheme, organisation or the person who approached you 
• not sign any documents 
• not provide them with any of your personal details. 

You should also report any interaction you may have had with a promoter to us as soon as possible.

If you illegally access your super early, you can lose your retirement savings, pay extra tax, penalties and interest, and be disqualified from being an SMSF trustee. Disqualified trustees names are published online.

If you have been involved in a scheme, contact us immediately. We will take your voluntary disclosure and circumstances into account when determining any penalties.

Source: ATO