ATO urges older Australians to beware of superannuation misinformation

Older Australians are being urged to remain vigilant as a wave of misleading online information threatens to misguide retirees about their superannuation entitlements.

The Australian Taxation Office (ATO) has issued a strong warning after noticing a surge in dubious websites peddling fake news about changes to superannuation rules — specifically the age at which retirees can access their super savings, known as the preservation age.

Some of these sites claim that new rules, allegedly coming into force on June 1, will change how and when Australians can withdraw from their super. The ATO has made it clear that these claims are simply not true.

“This is classic fake news. Always consider the source of information you see, and if in doubt go to trusted sources such as the ATO website, your super fund website, your registered tax agent or licensed financial adviser,” ATO Deputy Commissioner Emma Rosenzweig said.

“Beware of websites that might be trying to harvest your personal information such as your TFN, identity details or myGov login details.”

Rosenzweig urges Australians to “think twice before acting on information heard from third-party sources, including non-official websites or on social media.

“Be cautious about ‘free expert’ tax advice. If you are going to approach someone to help you manage your tax affairs, ensure they are a practising lawyer or registered with the Tax Practitioners Board. You can check if a tax professional is registered on the Tax Practitioner’s Board.”

While the preservation age remains unchanged, two legitimate changes to superannuation will come into effect on July 1:

• The Superannuation Guarantee rate will increase to 12 per cent.
• Super will now accrue while receiving Government Paid Parental Leave.

To help protect your super and your personal information, keep these tips in mind:

• Stick to official sources: Visit the ATO’s website (ato.gov.au) or your super fund’s site for accurate updates.

• Be wary of emails or websites that ask for your TFN, login credentials, or other sensitive information.

• Never share personal details with anyone offering unsolicited financial advice.

• Only trust registered professionals: Check credentials through the Tax Practitioners Board.

Read more: Cyberattack on superannuation sparks urgent calls for stronger security measures

IMPORTANT LEGAL INFO This article is of a general nature and FYI only, because it doesn’t take into account your financial or legal situation, objectives or needs. That means it’s not financial product or legal advice and shouldn’t be relied upon as if it is. Before making a financial or legal decision, you should work out if the info is appropriate for your situation and get independent, licensed financial services or legal advice.