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A nancial product generally means a facility through

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Unformatted text preview: has current superannuation guarantee contributions. membership. Employer fund General advice The superannuation fund into which an employer will make This is financial product advice that’s intended to superannuation guarantee contributions on an employee’s influence a person or persons in making a decision in behalf, if that employee does not choose a fund. relation to a particular financial product. General advice does not take into account the particular objectives, Financial product financial situation and needs of an individual. A ‘financial product’ generally means a facility through which, or through the acquisition of which, a person does Goods and services tax (GST) one or more of the following: A broad-based tax of 10 per cent that is payable on most (a) makes a financial investment (see section 763B of the supplies of goods and services consumed in Australia. Corporations Act 2001) (b) manages financial risk (see section 763C of the Corporations Act) (c) makes non-cash payments (see section 763D of the Corporations Act) 30 ■ CHOICE OF SUPERANNUATION FUND Notice period Self managed superannuation fund An employer’s notice period for an employee will start on: A fund with fewer than five members, where all the ■ introduction of choice of superannuation fund (1 July members are trustees. 2005) ■ the day the employee starts work for the employer, or ■ the day after the preceding notice period has ended. Shadow shopping surveys A compliance technique in which ASIC recruits consumers and monitors the financial advice they are given, without A notice period will end once the Tax Office gives the employer written notice that the notice period for the telling the adviser, to ensure it is relevant and meets all legal requirements. employee has ended. Pay as you go (PAYG) withholding Standard choice form The form that an employer must give an employee to Employees pay income tax through the year by having their employers send deductions from their salary or wages to the Tax Office. choose a superannuat...
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