Taking super out of any fund early, or encouraging others to do so, without meeting a condition of release, is illegal.
When talking with members, advise them to beware of promoters offering to help them withdraw their super early. These promoters claim your members can withdraw their super early and put the money towards anything they want – this is not true.
Members need to be aware there are serious consequences for withdrawing their super before they are legally entitled to do so. These consequences could include:
- disqualification of trustees
- the fund being made non-complying
- administrative penalties
Illegally accessing super early will cost members a lot more than the super they access and may get them into trouble.
If any of your members have been involved in a scheme, advise them to contact ATO immediately on 13 10 20.
If you have any questions, feel free to ask them in the comment section. We will be happy to answer all your queries.
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