Fines For Ineligibility To Early Super Access

The popularity of the government’s early access to super scheme has raised eyebrows at the ATO following reports that many of those accessing the scheme may not have been eligible and that large chunks of the cash have been spent on discretionary items. There have been over two million requests to access the scheme with nearly $16 billion withdrawn so far. The ATO has said that it will consider action against all ineligible applicants. It said that individuals who accessed their super funds without meeting the eligibility requirements could face up to $12,000 in penalties for each false and misleading statement.