SUPERCentral Pty Ltd. The company's legal needs in superannuation, estate planning and financial services are exclusively provided by TOWNSENDS BUSINESS & CORPORATE LAWYERS. The leading edge SUPERCentral system was granted an Australian patent in 2008 and is monitored and protected.
SUPERCentral is Australia's leading online SMSF Deed Update Service specifically designed to assist Accountants, Financial Advisers and SMSF Administrators save time and money.
Back Issue Newsletters
Media
- Managing business succession - Professional Planner by Tony Negline
- Ethical super rules against sole purpose test - Investor Daily
- Bare trusts should use corporate trustees - Investor Daily
- Loans the lifeblood of self-managed funds - The Australian by Tony Negline
- Smart gearing will help cover your assets - The Australian by Tony Negline
- Clients forgiving towards advisers over losses - Money Management by Peter Townsend
- SMSFs vs. POFs - Super Living by Peter Townsend
- The Super Game - The Australian
- Retirees precious capital - Sydney Morning Herald
- Super pension in a financial downturn - SMSF by Michael Hallinan
Early Release Scams
24/07/2009
The ATO has warned super investors against using scams to access their super before retirement.
As a general statement super benefits can only be accessed (ie cashed out as a lump sum or taken as a pension) in limited circumstances associated with retirement such as
• attaining age 65
• attaining preservation age and being retired
• attaining preservation age and taking a benefit in the form of a transition to retirement income stream; or
• becoming permanently incapacitated.
In very limited circumstances can benefits be accessed before preservation age.
Scams involving early access usually involve rolling the benefit into a SMSF controlled by the scammer who, for a substantial fee (20% or 30% of the benefit), then simply pays the benefit out of the controlled SMSF.
These scams are not tax effective and, in addition to paying the scammer’s fee, will result in the imposition of penalty tax on top of the scammer’s fees.