We have seen individuals be targeted by promoters to create an SMSF for inappropriate and illegal reasons. These promoters often promise high returns or early access to super.
These schemes can be illegal and result in severe penalties. It's important to recognise these warning signs of unlawful tax and super schemes.
Stop, check and protect:
- do your own research (check before investing)
- don't rush to make a quick decision
- check ASIC's financial advisers registerExternal Link to make sure your adviser is licensed, know who you are dealing with and confirm their registration
- if it sounds too good to be true it usually is
- request copies of all documents including such things as investment plans and read all documents before signing.
You should consider how any arrangements may impact your SMSF and whether they contravene the tax and super laws.
If you've been approached by a promoter or suspect a unlawful tax or super scheme, you can report it, by completing the tip off form or by contacting us on 1800 060 062.
We work with ASIC to investigate scamsExternal Link and promoters involved in illegal activities in the super environment.
For more information visit SMSF schemes.
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