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Illegal early access to super

Accessing your super early may be illegal

You cannot access your super before you retire unless you meet one of the conditions that make it legal to access your super and receive relevant approval.

Always check first with Omnis Group’s Superannuation team before taking any action.

There are only a few reasons that you might be allowed to access your super early.

For most people, you can only access your superannuation when:

  • you retire and turn 60 years of age
  • you turn 65 years of age (regardless of whether you’re working or not).

Otherwise, it is illegal.

If you illegally access your super early, you risk:

  • losing your retirement savings
  • incurring extra tax, penalties and interest
  • disqualification as a self-managed super fund (SMSF) trustee and have your name
    publicised for doing so.

Be wary if someone offers to help you access your super early

Some may say they can help you set up an SMSF so you can access your super for reasons such as paying off your credit card, buying a house or going on holiday. This is not true — it is illegal.

These ‘promoters’ will often:

  • charge a lot of money
  • ask you to transfer some or all your super from your existing super fund to the SMSF
  • tell you that you can use as much as you need for personal expenses.

Identity theft warning

These promoters may also ask for your personal information. If you provide any personal details, they can steal your identity. With your personal information, they can steal your super for themselves.

If a promoter contacts you, call the ATO on 13 10 20 straight away to get advice.

Do not agree to anything and do not sign any documents or give them your personal details.

Always check first with Omnis Group Superannuation before taking any action.

Source: ATO

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Omnis is a strategic accounting and financial planning firm that understands you and your business, and helps you maximise the opportunity you have.

We go beyond numbers and are driven by insight, guidance, and a personalised approach tailored to your unique needs.

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Level 2, 7 Rheola Street, West Perth WA 6005

Phone Number:
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Liability limited by a scheme approved under Professional Standards Legislation.

Justin Flavel

Managing Director

Justin’s experience spans across 20 years in accounting, financial analysis and general business practice.

Although born and bred on the land, Justin’s interest was more in spreadsheets, ledgers, and finance which led him to attend university. In 1992, Justin graduated with a Bachelor of Business majoring in Accounting and Finance. As well as qualifying as a CPA member and becoming a Fellow of the Taxation Institute of Australia, he began gaining practical experience in small and mid-tier accounting practices.

During the late 90s, Justin decided to expand his horizons and travel through Europe. It was during this time that he seized the opportunity to expand his knowledge on the workings of large organisations by taking on roles in multinational corporations.

Today, Justin’s passion is in facilitating businesses to grow and evolve. His focus is on acting in the role of business mentor to help clients develop the full potential of their businesses. He joins clients on their unique journey, and provides the tools and knowledge they need along the way to make the right decisions.

Justin’s aim for his clients parallels his own philosophy and personal journey—focusing on his own career growth and business success while maintaining balance in his life with his wife and three daughters.

Omnis Group Managing Director - Justin Flavel