superchoice_obligations

This is illegal and signicant need to complete the

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Unformatted text preview: he employee with the information they to their superannuation. This is illegal and significant need to complete the Standard choice form, including: penalties apply to both the fund and the recipient if a ■ the fund’s full name and contact details benefit is unlawfully released early. ■ the fund’s Australian business number (if it has one) Employees should be wary of advertisements, seminars ■ the employee’s fund membership details and websites that claim they can have early access to ■ a statement from the trustee that the fund is a resident their preserved superannuation benefits. Early access or regulated superannuation fund and is able to accept release of superannuation benefits is permitted only in contributions from the employer cases of severe financial hardship or on tightly restricted compassionate grounds. Before considering an early release of benefits, employees should seek independent advice on the taxation ■ the method of payment the employer can use to make superannuation contributions to the fund, and ■ the superannuation product identification number (if any). consequences from an Australian tax professional who is familiar with the superannuation legislation or note the warnings on the Tax Office website at www.ato.gov.au/super BE APPROPRIATELY LICENSED The trustee of a public offer superannuation fund will need to be licensed by ASIC in relation to any dealing activities, unless an appropriate exception applies. A trustee of a superannuation fund that provides financial product advice will also need to be appropriately licensed and authorised or provide advice only within the limited exemptions specified in the law. CHOICE OF SUPERANNUATION FUND ■ 9 It is up to trustees to ensure that they have the right authorisations to cover the type of advice they are giving MUST NOT OFFER EMPLOYERS INDUCEMENTS FOR CHOOSING THE FUND about choice of superannuation fund (for example, general Superannuation fund trustees (and their associates) or personal advice) or that their advice falls wi...
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This note was uploaded on 03/25/2014 for the course FOBE 302 taught by Professor X during the One '13 term at Macquarie.

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