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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
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.
- One '13