Read this before you fall prey to illegal operations

Australia has strict rules in place surrounding access to superannuation and there have been reports of taxpayers being targeted by dodgy operators who are promising early access to superannuation for a fee.

There are very limited circumstances where the law allows you to access your superannuation early and include, for example:

– permanent departure from Australia – terminal illness – permanent incapacity – balance of $200 or less

In most cases, early access to superannuation is illegal and costly for taxpayers, with tax complications such as the superannuation becoming part of assessable income.

Don’t fall prey to illegal superannuation operations. Offers of early access to superannuation for a fee should be approached with caution and reported to the ATO.

Need to seek financial advice? Rands Financial Services are registered tax agents. Contact us on 0434 391 331 today.

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