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Illegal super schemes

Australian taxpayers should be aware that some promoters claim to offer early access to super savings by transferring a person’s super into a self-managed super fund.

These schemes are illegal and heavy penalties will apply to those who participate in such schemes.

Generally, individuals cannot access their super until they retire or meet a condition of release.

Some people promoting illegal super schemes will say that they can help access a person’s super now to pay off credit card debt, buy a house or car, or go on holiday. These schemes are illegal and may cost those who engage in them a lot more than the super they access.

Illegal super schemes usually involve a promoter offering to help a person access their super early. Promoters of illegal super schemes usually:

Those who participate in one of these schemes may become a victim of identity theft. Identity theft happens when someone uses another person’s personal details to commit fraud or other crimes. Once a person’s identity has been stolen and misused, it can take years to fix.

Posted on 31 March '16 by , under Super.

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Amnesty means that 24,000 businesses own up to underpaying Aussies superannuation

An amnesty scheme which ended earlier this month has caused around 24,000 businesses to admit to underpayment of their worker's super. A total of 588 million dollars will be distributed to almost 400,00 individuals.

The scheme, which covered payments from the introduction of super in 1992, gave employers the opportunity to come clean without any consequences as long as they paid the unpaid super as well as 10% interest for every year the money was overdue.

The ATO will be directing its attention at any businesses that did not admit fault and these businesses will face severe penalties.

Many individuals are looking to access their superannuation early in order to have support during these times. Although there is criticism of early access to super, this facility has been helpful to many families to keep afloat.

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