The ATO has made a call to professional accountants to help identify and manage illegal early access to superannuation by members of
self-managed superannuation funds (SMSFs).
In general, access to your super is only possible if:
Early access to superannuation is only possible in very limited circumstances such as terminal illness, permanent incapacity, and severe
financial hardship and there are very strict protocols to follow before any amounts are paid out.
One of the benefits of an SMSF is the control that it provides to members. The flip side of full control is the temptation to dip into the
super account and approve transfers without proper controls.
There are two common ways illegal early access occurs:
Illegal access to the SMSF’s account or assets is not difficult to identify and generally will be picked up by your auditor. Where illegal
access has occurred, not only is it likely that your retirement savings have been lost or impaired, but you are likely to face additional
tax, penalties and interest, and be disqualified as a trustee. In addition, your name will be published online.
One of the signs that there is a problem is when SMSF annual returns are not lodged on time or at all so ensure you are up to date with your
SMSF compliance.
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The 2026–27 Federal Budget brings major changes to CGT, negative gearing, trusts and super. Find out what it means for you and your business.
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In this episode of The Accountant That Builds, Shannon Smit explores what financial literacy really means and why it matters so much for everyday Australians. She breaks the concept down in practical, real life terms and explains why so many capable, intelligent people still feel confused, overwhelmed, or behind when it comes to money.
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Now's the time to review what strategies you can use to minimise your tax before 30 June.
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Lunch & Learn Workshop // 27 March, 2026 - 12:00 - 1:30pm
$35pp includes lunch
Many business owners are surprised to learn that most businesses don’t fail because they’re unprofitable - they fail because they run
out of cash. This session is designed to change that. Cashflow Essentials is a
practical workshop that shows you how cash really moves through your business, why cash pressure happens, and how to stay in control
- even while you’re growing.
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Lunch & Learn Workshop // 27 Feb, 2026 - 12:00 - 1:30pm
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If you’re like most business owners, you receive financial reports, and you have your accounting software, but you don’t always feel
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Know Your Numbers is a practical, plain-English
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AI-Enhanced Automation for Accounting and Finance Professionals: Leveraging RPA, VBA, ChatGPT, and Copilot for Innovation and
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Join SkyBots’ 2-day Workshop in PERTH with automation expert Daryl Aw to revolutionise your workflow using Power
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and cutting-edge
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this hands-on training will teach you to automate repetitive tasks, generate and optimise VBA scripts, and deploy robust automation
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If you’re a director of a small business, Payday Super isn’t just an HR or payroll issue. It’s a governance issue that could directly affect your personal legal exposure.
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The 2026–27 Federal Budget brings major changes to CGT, negative gearing, trusts and super. Find out what it means for you and your business.
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