ATO warns of scams

SCAMMERS are hustling unsophisticated workers on the fringes of major cities into illegally spending their meagre retirement savings.

The Australian Taxation Office is warning workers to watch out for “unscrupulous promoters” trying to trick them into unlocking their retirement fund early.

The scammers set up selfmanaged superannuation funds and have victims roll existing funds into them. The victims then pay the scammer a fee before being assured, incorrectly, that using the money for everyday use is allowed.