superchoice_obligations

Where new obligations for example the corporations

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Unformatted text preview: w obligations (for example, the Corporations Regulations Fee Template and the single fee measure) are imposed on other parties, ASIC will take a reasonable approach to those who are genuinely trying to comply with the law around choice of superannuation fund. However, it will consider enforcement action where there are deliberate or careless breaches, or where there is likely to be significant harm to the consumer. 4 ■ CHOICE OF SUPERANNUATION FUND As part of its prudential focus, APRA will examine the operational frameworks of funds for servicing choice of superannuation fund. APRA is able to take up members’ concerns with the trustees of funds if members believe that their fund is not being prudently managed or that their employer is not forwarding any personal contributions to their fund on a timely basis. However, secrecy provisions prevent APRA from discussing fund-related issues with members who complain. 02 your obligations CHOICE OF SUPERANNUATION FUND ■ 5 02 your obligations EMPLOYERS’ OBLIGATIONS Employers who are unsure which award or industrial agreement (if any) their employees are covered by, or who From 1 July 2005, employers must offer choice of need to check if an award includes any conditions for superannuation fund to eligible employees. payment of superannuation, can: Employers’ obligations under choice of superannuation ■ ask their employer association fund are contained in this section. However, the Tax Office ■ visit the website www.wagenet.gov.au (for federal publication Choice of superannuation fund – guide for awards and agreements and links to information on employers explains in more detail what employers need to do. state awards and state industrial agreements), or It is available from www.ato.gov.au/super ■ phone the government agency responsible for workplace relations in their state or territory. IDENTIFY ELIGIBLE EMPLOYEES Visit the website www.superchoice.gov.au for more Employers must identify which employees should be information about employee eligibility, including links offered choice of superannuation fund because not all to information about state laws on access to choice of employees are eligible. superan...
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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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