09 Nov ATO targets promoters of early release of super schemes

The ATO and the Australian Health Practitioner Regulation Agency are concerned that some health practitioners and third-party facilitators are using predatory practices to get individuals to inappropriately access their super.

Red flags include practitioners or third parties advertising early access to super for cosmetic or dental procedures on social media, or asking for myGov sign-in details so they can ‘apply for you’.

Other common red flags include:

• practitioners conducting telehealth appointments, rather than in-person examinations for ‘compassionate release of super’;
• recommending more expensive treatments when cheaper options may be available;
• encouraging the use of super to pay for treatment, rather than other payment options, such as a payment plan;
• requiring the use of a specific provider to prepare the second ‘compassionate release of super’ medical report, or a specific third party to submit the application;
• requiring upfront payment for treatments and withholding information about the ongoing costs of the treatment; and
• charging fees to assist with preparing or submitting a ‘compassionate release of super’ application without being a tax agent.

Editor: Please contact our office if you have any concerns regarding early access to super.