Business Services Industry
[1157] Tax Office warns of illegal early access to superannuation.
Australasian Business Intelligence, July, 2007
Byline: Lisa Mak
Jul 09, 2007 (Weekly Tax Bulletin - ABIX via COMTEX) -- The Australian Taxation Office has warned people from non-English speaking backgrounds to beware of schemes offering early access to superannuation. Deputy Tax Commissioner Raelene Vivian said that such schemes are illegal. Unscrupulous promoters are using self-managed superannuation funds to release superannuation benefits for their clients, charging fees of 20 per cent or more of the fund's assets.
Publication Date: 29 June 2007
AUSTRALIAN TAXATION OFFICE
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