Thinking of accessing your superannuation?

Did you access your superannuation early and didn't declare correctly? Here's how misuse of early super access could result in fines or prosecution.

Think carefully before you access your superannuation Source: Getty Images/Kittiphan Teerawattanakul/EyeEm

It has been reported that a huge number of people have opted to access their superannuation during the pandemic

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 Highlights

• The $10,000 you withdraw from your superannuation is tax free
• You can be fined from $17,000 if it is proven that your are not experiencing financial hardship
• Your retirement fund will be greatly affected 

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'If you are not experiencing extreme financial hardship it will more beneficial if you do not withdraw from your super' says  Romulae Gadaoni of Care Financial Services and  Accounting   

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