Your member must satisfy a condition of release to access their super.

As a trustee, you have important responsibilities in working out if, and when, a member can receive their benefits. If you release super without the member meeting a condition of release you may be subject to significant penalties.

The most common situations when a member can access their super are when they have:

• reached 60 years of age and intend to never work again
• reached 65 years of age (even if they haven’t retired).

Remember: Be cautious if someone offers to help access super early.

Someone might suggest super can be accessed early for personal expenses, such as paying a debt, buying a house, or going on a holiday. This is false, using an SMSF to gain improper early access to super is illegal. If super is illegally released the ATO can apply significant penalties to you, and the withdrawn amount must be included in the member’s assessable income, even if they return the super to the fund later.