superchoice_obligations

These the tax ofce will continue to take action to

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Unformatted text preview: hird parties, such as superannuation funds, to verify information provided by employers ■ conducting industry-based audits to assess The range of activities listed above will continue throughout the introductory year. compliance levels with superannuation guarantee and choice of superannuation fund obligations. These The Tax Office will continue to take action to ensure audits will target industries considered to be at higher that employers are correctly meeting their ongoing risk of non-compliance due to factors such as non- superannuation guarantee obligations and apply normal standard employment arrangements; links to the cash penalty guidelines in cases of non-compliance. economy; or a high incidence of employee complaints ■ monitoring new self managed superannuation THE FIRST YEAR OF CHOICE OF SUPERANNUATION FUND fund registrations to ensure that these are not Before 29 July 2005, employers will need to have offered superannuation contributions early. Trustees of self existing eligible employees a choice of superannuation managed superannuation funds may be subject to fund. Where an employee makes a choice of desk audits, telephone verification checks or field superannuation fund, the employer must act on that audits, and choice within two months. used by individuals to inappropriately access their ■ providing choice of superannuation fund information to new employers. 18 ■ CHOICE OF SUPERANNUATION FUND During this period, the Tax Office will continue to enforce the existing superannuation guarantee obligations and apply normal penalty policies in cases of non-compliance with these obligations. HOW THE TAX OFFICE AND ASIC WILL HELP EMPLOYEES UNDERSTAND THEIR ENTITLEMENTS UNDER CHOICE OF SUPERANNUATION FUND Information is being provided through the Super Choice AFTER THE FIRST YEAR OF CHOICE OF SUPERANNUATION FUND It is expected that the choice of superannuation fund website at www.superchoice.gov.au A Super Choice Infoline has been set up to answer questions – call 13 28 64. initiative will be effectively implemented by July 2006. Existing employers will be expect...
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