Running an illegal early access to superannuation scheme has led to financial penalties and a ban from setting up SMSFs. The Federal Court has handed down a $220,000 penalty to someone running an illegal early access to super scheme. They were also banned from setting up an SMSF, rolling money into an SMSF or making… Continue reading Early super access scheme punished with $220,000 penalty, ban from setting up SMSFs
A NSW court has handed down a three year jail sentence after a man pleaded guilty to running an illegal early access superannuation scheme involving rollovers to an SMSF. Kent Nguyen ran the “fraudulent” SMSF involved, called the Tot Form Super Fund, the ATO said after the sentencing. “The fund did not comply with the… Continue reading 3 year jail sentence for running illegal early access to super SMSF
ASIC has handed out an eight year ban from the financial services industry as a result of an illegal superannuation early access scheme. ASIC announced that it has banned Max David Goldenberg from providing financial services or engaging in credit activities for eight years. “Mr Goldenberg was the sole director of Superfunded Pty Ltd (Superfunded)… Continue reading Eight year ban for illegal superannuation early access scheme
The ATO is warning that scammers promoting illegal early access to superannuation schemes are operating in the suburbs of Australia. The ATO says that it has become aware that there are people in the suburbs of some of Australia’s major cities who are encouraging the illegal early access of superannuation. ATO Deputy Commissioner James O’Halloran… Continue reading Illegal super early access scammers operating in suburbs, ATO warns
Currently people who illegally access their superannuation balance early pay tax on the amount at their marginal tax rates, plus the medicare levy. However it was a recommendation of the Cooper Review that this be tightened to further discourage illegal early access of super, with such amounts to be taxed at the top marginal tax rate: “Recommendation… Continue reading Top marginal tax rate on early access to superannuation?