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Unformatted text preview: e choice shortfall, it is
essential that employers make sufﬁcient superannuation
contributions to each employee’s chosen fund or, where
they have not chosen a fund, to the employer fund
identiﬁed on the Standard choice form.
Where an employer determines they have not properly CONSEQUENCES OF NONCOMPLIANCE BY EMPLOYEES
Employees must not use a self managed superannuation
fund or other scheme to obtain illegal early access fulﬁlled their choice of superannuation fund obligations, to their superannuation. They should be aware that they are required to advise the Tax Ofﬁce using the signiﬁcant penalties could apply for illegally accessing Superannuation guarantee quarterly statement. The new their superannuation beneﬁts early. Superannuation guarantee quarterly statement, which The Tax Ofﬁce may: includes choice of superannuation fund, will be available ■ assess individuals who have participated in early at www.ato.gov.au/super by the end of October 2005. 14 ■ CHOICE OF SUPERANNUATION FUND access schemes – the withdrawn beneﬁts will be taxed at the individual’s marginal rate and penalties
will be imposed where applicable, and
■ disqualify and/or refer for prosecution action individuals who set up funds for illegal early access. CONSEQUENCES OF
AND TRUSTEES CONSEQUENCES OF
Non-compliance with any of the licensing, advice,
disclosure or conduct requirements in relation to choice of
superannuation fund might result in enforcement action
by ASIC. This applies particularly to superannuation
funds and advisers, and also to any unlicensed activity by
others. PARTICIPATING IN EARLY ACCESS SCHEMES ASIC may take criminal, civil or administrative action If the Tax Ofﬁce identiﬁes self managed superannuation depending on the nature of the breach. For example: funds, promoters or individuals that are using early access ■ A failure to comply with any of the licensee’s schemes, it can: obligations may give ASIC grounds for exercising its ■ disqualify and/or pursue prosecution action against administrative powers to revoke or suspend a licence trustees of self managed superannuation funds who
participate in these schemes
■ assess promoters on the income they derive through early access of superannuation
■ refer promoters to ASI...
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