Generally, the ATO said a member can only access their super when they reach preservation age and retire, or turn 65 even if they're still working.

To access super legally before then, members must satisfy a condition of release.

If an SMSF member illegally accesses their benefits, they may be liable for additional income tax and administrative penalties and could be disqualified as a trustee.

If a member has illegally accessed their super, they are advised to contact the ATO immediately via the SMSF voluntary disclosure service. Voluntary disclosure and circumstances are taken into account when considering penalties.

If a member has illegally accessed their super, returning it to the fund may be considered a new contribution. This may affect contribution caps and result in additional tax on excess contributions.

The regulator also warned of people promoting early access schemes. If someone offers advice that super can be withdrawn early other than by legal means, members should protect themselves by:

• Stopping any involvement with the scheme, organisation or the person who approached them.
  

• Not signing any documents.

• Not providing them with any of personal details such as a Tax File Number or passwords.

• Make a tip-off online or phone the ATO on 13 10 20 and advise them of your situation.