ATO warning about illegally accessing super early
20-Sep-2011The ATO is concerned about the number of illegal schemes being promoted that offer people access to their super savings early.
In addition to paying excessive fees or commissions (sometimes in excess of 30% of thier super balance) a fund member could be taxed at rates as high as 46.5%, even if the amounts are repaid to the fund.
The ATO also warns people to be wary of identity theft and fraud, as these thefts can go unnoticed for some time and cause long term problems for the individual in obtaining finance in the future.
Fund members may access their super early if they are experiencing financial hardship or have strong compationate reasons.
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