Sub­ur­ban scam­mers push­ing il­le­gal early ac­cess to super

Wangaratta Chronicle - North East Regional Extra - - NEWS -

THE Aus­tralian Tax­a­tion Of­fice (ATO) has be­come aware of peo­ple in some sub­ur­ban ar­eas at­tempt­ing to en­cour­age oth­ers to il­le­gally ac­cess their super early to help them to pur­chase a car; to pay debts; to take a hol­i­day or to pro­vide money to fam­ily over­seas in need. Deputy Com­mis­sioner James O’Hal­lo­ran said that the last thing the ATO wants to see is peo­ple’s re­tire­ment sav­ings be­ing put at risk by un­scrupu­lous pro­mot­ers. “At­tempt­ing to ac­cess your super early in this way is il­le­gal, and peo­ple need to be aware of the fi­nan­cial dan­gers of fall­ing prey to these pro­mot­ers. “These peo­ple could cost you a big part of your hard-earned re­tire­ment sav­ings.” The ATO has seen ev­i­dence of pro­mot­ers promis­ing that they can or­gan­ise ac­cess to super (for a fee). They ask peo­ple to fill out blank forms and pro­vide iden­tity doc­u­men­ta­tion, while as­sur­ing peo­ple that these ar­range­ments are le­git­i­mate. So far, the ATO has seen pro­mot­ers tar­get­ing peo­ple with small to medium super bal­ances, peo­ple in­volved in lo­cal com­mu­nity and cul­tural groups, and those who may not have en­gaged with their super at all be­fore be­ing ap­proached. If you are ap­proached by some­one telling you that you can ac­cess your super early, or you hear about it from fam­ily, friends or work col­leagues: t EP OPU TJHO BOZ EPDVNFOUT t EP OPU QSPWJEF UIFN XJUI any of your per­sonal de­tails t TUPQ BOZ JOWPMWFNFOU XJUI the scheme, or­gan­i­sa­tion or the per­son who ap­proached you t TFFL BEWJDF GSPN B QSPGFT sional ad­vi­sor or the ATO. Gen­er­ally, you can only ac­cess your super once you turn 65 or when you reach preser­va­tion age and stop work­ing. Cur­rently, in Aus­tralia, the preser­va­tion age is 55 years old for those born be­fore 1 July 1960. It then in­creases by one year, ev­ery year, up to the max­i­mum of 60 for those born af­ter 30 June 1964. There are some very lim­ited cir­cum­stances where you can legally ac­cess your super early. Check the Il­le­gal early re­lease of super in­for­ma­tion on the ATO web­site and con­tact them on13 10 20 to re­port the pro­moter. The ATO has gen­eral in­for­ma­tion on ac­cess­ing your super on their web­site, and you can find out fur­ther in­for­ma­tion about other schemes the ATO has warned about, at Super Scheme Smart.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.