SMSF members have been given details about how they can gain early access to their funds under the government’s coronavirus relief provisions, with the ATO urging caution for trustees.

The ATO will use its data matching powers to check if SMSFs are using high value assets for personal use in breach of the law.

SMSFs that have failed to lodge an annual return or have been involved in illegal early-release efforts have been blocked by the ATO and will not be able to receive funds.