Australians planning to access their superannuation early despite not being affected by the COVID-19 lockdown will be subject to hefty fines, officials have warned.

The Australian Taxation Office has issued a warning just as billions of dollars in savings are set to be withdrawn from super accounts this week in line with a new government policy to help keep Aussies afloat amid the crisis.

Australians are only eligible to apply for early super access to if they have experienced a significant drop in income or have lost their jobs as a result of the coronavirus lockdown.

© Provided by Daily Mail As part of the government's coronavirus rescue package, workers are able to access their supers to help them stay afloat during the economic downturn They will be allowed to take out $10,000 of their super between 20 April and 30 June 2020 and a further $10,000 until September 24.

As of last week, nearly 900,000 people had registered for the draw-down scheme.

But an alarming new poll has revealed a large number of Australians are planning to withdraw money despite still having their jobs.

© Provided by Daily Mail Any money taken out now may significantly reduce the value of your super when you retire, experts have warned Industry Super Australia found that out of a poll of 1,100 people, 30 per cent under the age of 65 were planning to 'incorrectly' access their super and withdraw an average of $13,500, the Courier-Mail reported.

The findings have sparked fears thousands of ineligible applicants will fly under the radar, as the application process reportedly does not require people to submit proof of financial hardship or job losses.

HOW DO I DO IT?

If you are eligible, you can apply directly to the ATO through the myGov website: www.my.gov.au.

You will need to certify that you meet the above eligibility criteria. After the ATO has processed your application, they will issue you with a determination. The ATO will also provide a copy of this determination to your superannuation fund, which will advise them to release your superannuation payment. Your fund will then make the payment to you, without you needing to apply to them directly. However, to ensure you receive your payment as soon as possible, you should contact your fund to check that they have your correct details, including your current bank account details and proof of identity documents.

It also raised concerns over the financial impacts early withdrawal will have during retirement.

Bernie Dean, the chief executive officer of ISA, warned Australians against dipping into their savings if it is not necessary and said the move should be considered a 'last resort.'

'It is tempting to tap into your super early some may want to do so as a savings buffer, but nothing in life is for free and cracking open your nest egg comes at a steep cost – it should be treated as a last resort,' he said.

The ATO warned it will review applications carefully and those who are caught fraudulently accessing their super could be slapped with up to $12,500 in penalties.

Prime Minister Scott Morrison announced the measures as part of a second stimulus package on March 22, surprising the superannuation industry by allowing people to access their super early.

Treasurer Josh Frydenberg said workers and sole traders could withdraw the money if the number of hours worked or their income fell by 20 per cent or more due to the coronavirus.

The early release also applies to welfare recipients who qualify for the coronavirus supplement.