We have a range of strategies and activities in place to reduce illegal early access, including:
- support and guidance products
- new registrant reviews
- removing SMSFs that fail to comply from SuperFund Lookup.
When new SMSFs are established, we engage with new trustees to:
- discuss their understanding of the obligations required as a trustee
- provide educational resources.
Where the risk of illegal early access cannot be mitigated, we withhold the ABN from SuperFund Lookup. This stops rollovers from occurring and prevents illegal early access. Individuals who illegally access their retirement savings can expect to:
- be audited
- be disqualified, as this is a serious breach of their trustee obligations
- pay additional tax, penalties and interest.
We also:
- have a strong focus on promoters of illegal early access schemes
- work with other law enforcement agencies to share intelligence and investigate inappropriate practices.
Sanctions can be severe, and include:
- the loss of professional licences
- civil penalties up to $750,000
- criminal prosecution which can result in imprisonment of up to 5 years.