Nearly 300 trustees of SMSFs have been disqualified for illegally accessing their retirement savings in the past six months as the ATO battles an uptick in such behaviour.
An Australian Tax Office crackdown on people setting up self-managed superannuation funds to illegally access their retirement savings has prevented the withdrawal of hundreds of millions of dollars.illegal early releaseMore people have been disqualified for illegal early access of super in the first half of the current financial year than were penalised in the entire 2021-22 financial year.“We’ve increased the number of trustees that we’ve disqualified,” Mr Micale said.
This compares to 2021-22, when about 250 trustees were disqualified for illegal access and charged $3.4 million in administrative penalties and $2 million in extra tax. “For those that haven’t heeded those warnings, we’ve ensured that ... there are consequences for their action.”Trustees who knowingly allow illegal access to super can incur penalties of up to $504,000 and jail terms of up to five years, or fines of up to $2.52 million for corporate trustees.
Mr Micale said the ATO was also concerned about investment scams, where a person is tricked into setting up an SMSF or using their existing SMSF to invest in a bogus product.
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