Self-Managed Super Fund (SMSF) scams

While Self-Managed Super Funds (SMSFs) are a legitimate way to manage your super, there’s an increasing risk of scams. Scammers may pretend to be financial advisers or SMSF businesses, urging you to:

  • Open an SMSF.
  • Expect high returns with low risk.
  • Let them handle everything for you.
  • Invest in unconventional investments like cryptocurrencies.

Appearing trustworthy and patient, they gradually convince you to transfer your super into their control.

They may also offer to help you access your super early, asking for personal details to withdraw funds or set up an SMSF for a fee. However, accessing super before you’re allowed can result in significant fines and taxes.

We recommend that you:

  • Never give out your personal information unless you’re sure it’s safe.
  • Be aware of the conditions of release to withdraw your super.
  • Seek professional advice if you’re ever in doubt.
smsf-scams

If you suspect an SMSF scam:

  • Research the company thoroughly and seek independent trustworthy financial advice.
  • Check if the business is licensed by visiting the ASIC Connect website and APRA disqualification register.
  • Ensure you meet the conditions for accessing super.
  • Visit moneysmart.gov.au for more on super scams and what to do if you’ve been scammed.
  • Report it to the police promptly if you think you’ve been scammed.