Where an employer determines they have not properly

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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who have participated in early at by the end of October 2005. 14 ■ CHOICE OF SUPERANNUATION FUND access schemes – the withdrawn benefits will be taxed at the individual’s marginal rate and penalties will be imposed where applicable, and ■ disqualify and/or refer for prosecution action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 NON-COMPLIANCE BY SUPERANNUATION FUNDS AND TRUSTEES CONSEQUENCES OF NON-COMPLIANCE WITH OBLIGATIONS REGULATED BY ASIC 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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