These days, there are so many scams it’s hard to keep track of them all. Unfortunately, the latest scam which the Australian Taxation Office (ATO) is concerned about is one which involves one of your most valuable assets – your super.
According to the ATO, scammers are promising early access to peoples’ super, for a fee. According to the scam, you simply fill out some forms and provide identification.
It’s important you realise that generally, you can only access your super once you turn 65 or when you reach preservation age and stop working. There are very limited circumstances where you can legally access your super early, and penalties apply if you illegally withdraw your super early.
If you’re approached by someone telling you that you can access your super early, make sure you:
- don’t sign any documents
- don’t provide any of your personal details
- stop any involvement with the scheme, organisation or the person who approached you
- seek advice from a professional advisor, the ATO or Tasplan.
It’s important to be cautious if you get an unexpected call or email from someone you don’t know who says they have an opportunity for you, or that they need you to confirm your personal details.
What to do if you’ve been scammed?
If you’ve been scammed it’s not something to feel silly about. In fact, by reporting your experience to an appropriate agency you may protect others from becoming victims.
It’s important that you report a potential scam to an appropriate government agency. The MoneySmart website will tell you where to report different types of scams. Or, you can also report it to the ATO by calling 13 10 20.
Source - https://www.ato.gov.au/Media-centre/Media-releases/Suburban-scammers-pushing-illegal-early-access-to-super/ Accessed 23 August 2018.
The trustee of Tasplan Super (ABN 14 602 032 302) is Tasplan Pty Ltd (ABN 13 009 563 062). AFSL 235391.