Someone offering to help you access your superannuation money, earlier than the legal requirement, are there to scam you. Unfortunately, if you agree to their offer you could find yourself loaded with fines and your super money stolen. The legal (minimum) age to access your superfund is 55. It is illegal to do so before hand (except in very special circumstances). It is important to be knowledgeable on how these scammers operate and how to identify them to protect yourself and your super savings.
The scammers draw you in by saying that with their help you will be able to pay off debts and other bills with your own money. They tell you that they can move your super money into a self managed super fund for your full access. Once the super has been withdrawn from the original fund, the scammer can then take a large percentage as commission or worst case scenario, the entire sum.
Unfortunately by agreeing to the scam, it leaves you liable for any of the consequences occurring. This can be the entire fund stolen, or even getting caught up in unintentional tax penalties or fines.
The scammers can steal your identity to transfer your super money to a fake self managed super fund that they can access. This is identity fraud and you need to be aware of the potential of it happening to your super fund.
To avoid these penalties and frauds and to find out more on the age and time you can access your super, please contact our office for an advice consultation.
They often target people with a lot of debt, unemployed people or people from non-English speaking backgrounds.
The scammers will really push the idea that with their services, that anyone will be able to access there super fund money.
Signs of scammers can be, but are not limited to:
All of the above offers and signs are illegal and will endanger your fund. If you have been targeted by a superfund scam, please report it to ASIC via their website or by calling the info line 1300 300 630. Or to the ATO by phoning 13 10 20
Super is money for your retirement, not for spending now.
The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.
October 19, 2017
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For more information about the services we provide, or to find out if you are eligible for a free no-obligation consultation, call us now on 9317 7300.
The information provided on this website, including the material and contents provided in the website publications, are informative in nature only and you should not act specifically on the basis of this information alone. It should not be used as a substitute for legal, business, accounting, tax, financial planning or other professional advice. If expert assistance is required, professional advice should be obtained.
Paul Baggetta is the Founder & Principal of Baggetta & Co. Paul Baggetta has been a Taxation Accountant since 1981, a Financial Planner since 1998, and in 1993 qualified as a Real Estate Licensee, holding a Triennial Certificate (currently not trading) and operated his own Real Estate business for property investment clients for over 5 years as a second business.
Financial planning services are provided by Paul Baggetta as an Authorised Representative (No. 261469) of Capstone Financial Planning Pty Ltd. ABN 24 093 733 969. Australian Financial Services License No. 223135.
Taxation & Accounting services are provided by Paul Baggetta as a Registered Tax Agent (No.61487008) and is a Member of SMSF Association, FIPA & NTAA.