Accessing Your Super Early
There are special circumstances where super savings can be legally accessed early. These include:
Severe financial hardship,
Certain compassionate grounds,
A terminal medical condition,
Permanent or temporary incapacity.
If a taxpayer legitimately needs some of their preserved super early, they should start by contacting their super fund for more information.
Severe penalties apply if taxpayers illegally access their super early. They will have to pay tax on the money they access early and other penalties may also apply depending on their involvement in the scheme. Recently, two promoters were both sentenced to two years imprisonment for a scheme that involved accessing super benefits early.
For more information, refer to Accessing Your Super Before Retirement at:
Contact A Grade Tax Penrith on (02) 4731-1405 offering a full range of taxation, accounting, superannuation, tax returns, tax planning and advice to Personal and Business clients.
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