In a recent webinar, ATO Acting Deputy Commissioner Paul Delahunty highlighted an increasing trend of SMSF trustees disguising illegal early access to superannuation benefits as loans to members. Delahunty clarified that this practice breaches section 65 of the Superannuation Industry (Supervision) Act and is considered a serious contravention. He emphasized that the ATO will closely scrutinize these arrangements, noting that a legitimate loan must include a formal agreement, specific terms, and adherence to repayment conditions. The ATO is actively addressing these compliance breaches to ensure SMSF trustees uphold their obligations.
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