Latest Accounting News

Deprecated: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home/sowacctw/public_html/articles/sow_server_v3.php on line 530
Hot Issues
Why Might a Lease Dispute Occur?
2025 Tax Planning Guide Part 1
$20,000 instant asset write-off
New Bunnings scam warning
The Largest Empires in the World's History
Building Australia's future and Budget Priorities
Winners and Losers - Federal Budget 2025-26
All the documents, fact sheets and downloads to do with this year’s 2025-26 Federal Budget
ATO outlines focus areas for SMSF auditor compliance in 2025
ATO to push non-compliant businesses to monthly GST reporting
ASIC pledges to continue online scam blitz
Tax Office puts contractors on notice over misreporting of income
Tax planning tips for 2024-2025
What does the proposed changes to HELP loans mean?
Vacant Residential Land Tax
The Most Held Currencies in the World | 1850-2024
Salary sacrifice and your super
5 Clauses Tenants Should Look For When Reviewing a Lease
ASIC continues crackdown on dodgy directors
Vehicle association calls for stricter definitions with luxury car tax changes
Government to push ahead with GIC deduction changes
Exploring compassionate early release of super
Have you considered spouse contribution splitting?
Best Selling BOOKS of all Time
GST fraudsters to face ‘full force of the law’: ATO
Social media scams dominate losses in 2024
Managing your business’s tax debts
Warning on ATO data matching “lifestyle” assets and your business
ATO issues alert on guarantee arrangements and Division 7A
E-Commerce Laws You Must Know To Run An Online Business
Resources and Tools to help our Clients build their future
Most Powerful Economies in Europe | 1960-2024
Articles archive
Quarter 4 October - December 2024
Quarter 3 July - September 2024
Quarter 2 April - June 2024
Quarter 1 January - March 2024
Quarter 4 October - December 2023
Quarter 3 July - September 2023
Quarter 2 April - June 2023
Quarter 1 January - March 2023
Quarter 4 October - December 2022
Quarter 3 July - September 2022
Quarter 2 April - June 2022
Quarter 1 January - March 2022
Quarter 4 October - December 2021
Quarter 3 July - September 2021
Quarter 2 April - June 2021
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 3 July - September 2014
Quarter 2 April - June 2014
Quarter 1 January - March 2014
Quarter 4 October - December 2013
Quarter 3 July - September 2013
Quarter 2 April - June 2013
Quarter 1 January - March 2013
Quarter 4 October - December 2012
Quarter 3 July - September 2012
Quarter 2 April - June 2012
Quarter 1 January - March 2012
Quarter 4 October - December 2011
Quarter 3 July - September 2011
Quarter 2 April - June 2011
Quarter 1 January - March 2011
Quarter 4 October - December 2010
Quarter 3 July - September 2010
Quarter 2 April - June 2010
Quarter 1 January - March 2010
Quarter 4 October - December 2009
Quarter 3 July - September 2009
Quarter 2 April - June 2009
Quarter 1 January - March 2009
Quarter 4 October - December 2008
Quarter 3 July - September 2008
Quarter 2 April - June 2008
Quarter 1 January - March 2008
Quarter 2 April - June 2007
Quarter 2 April - June 2006
Quarter 2 April - June 2004
Quarter 1 January - March 2004
Quarter 4 October - December 2003
Quarter 3 July - September 2003
Quarter 2 April - June 2003
Quarter 1 January - March 2003
Quarter 4 October - December 2002
Quarter 3 July - September 2002
Quarter 2 April - June 2002
Quarter 1 January - March 2002
Quarter 4 October - December 2001
Quarter 3 July - September 2001
Quarter 2 April - June 2001
Quarter 1 of 2023
Articles
Capital gains tax
Using your business money and assets for private purposes
Comparison: How Long It Takes To Decompose?
Details of tax calculation for $3m threshold a 'mixed blessing
Sharing economy reporting regime commences soon
Later retirement takes oldies back to living in ’70s
Changes to working from home deduction - started 1 Jul 2022
Accountants face client backlash over blizzard of tax changes
ATO figures reveal final 2022 DPN tally
Residential rental properties
Did you pay your superannuation guarantee payment late?
Five new year’s tax resolutions
ATO issues fresh warning on illegal early access schemes
Looming changes for the “buy now, pay later” market
Changes to Australian Business Number (ABN) registration compliance
100 Most Influential people in the world.
How crypto assets can trigger CGT tripwires
ATO targets dodgy deductions for holiday homes
Tips for small business owners
About the working from home safety and wellbeing checklist
Countries with the highest GDP per capita between 1800-2040
Downsizer age reduction now in force
Raids stop $33m in tax avoidance, ATO claims
100A ruling leaves trust decisions haunted by ‘uncertainty’

Deprecated: Function split() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 268

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 276

Deprecated: Function ereg_replace() is deprecated in /home/sowacctw/public_html/articles/sow_server_v3.php on line 277
ATO issues fresh warning on illegal early access schemes

With illegal early access schemes on the rise, the Tax Office has issued a fact sheet warning super members about the promoters of these schemes.



.


In a recent update, the ATO warned superannuation members to be wary of anyone known as promotors who want to help set up an SMSF for the purposes of illegally accessing super.


The ATO said it’s important that anyone running an SMSF is aware that accessing super can be illegal at times.


“As a trustee of a SMSF it is your responsibility to ensure that if you are accessing your super early, you are doing this within super laws,” the ATO cautioned.


 

The ATO has recently released a fact sheet, Accessing your super may be illegal, which highlights what SMSF trustees need to know about accessing their super and what to do if they are approached by a promotor.


The fact sheet warned that some promotors may say they can help individuals set up an SMSF in order to access their super for reasons such as paying off your credit card, buying a house or to go on a holiday when this is actually illegal.


“These people will often charge you a lot of money, tell you to transfer some or all your super from your existing super fund to the SMSF and tell you that you can use as much as you need for personal expenses,” the fact sheet warned.


The ATO also warned there is the risk of identity theft with these kinds of schemes.


“These promoters may also ask for your personal information. If you give it to them, they can steal your identity. With your personal information, they can steal your super for themselves,” the ATO warned.


The ATO advised anyone contacted by one of these promotors to contact 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,” it stated.


“Don’t access your super before you retire unless you meet one of the conditions that makes it legal to access your super and receive relevant approval.”


The ATO reminded SMSF trustees that most people can only access their super when they retire and turn 60 or when they turn 65, otherwise it’s illegal.


Last year, ATO assistant commissioner SMSF risk and strategy, Justin Micale, warned that the ATO was seeing an increasing number of trustees taking advantage of their direct access to their superannuation bank account and using these savings to pay for business debts, holidays, renovations and new cars.


Mr Micale said the ATO was stepping up its focus on licensed and unlicensed promoters of illegal early access schemes.


“This behaviour is unacceptable particularly as we know promoters often target people who are in vulnerable communities, under financial pressure and with low financial and super literacy,” he said.


 


 


 


 


Miranda Brownlee

23 January 2023
smsfadviser.com



16th-February-2023