superchoice_obligations

Compliance approaches to the choice of superannuation

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Unformatted text preview: roaches to the choice of superannuation It’s important for employees to take time to carefully fund initiative. consider which superannuation fund will work best for them. We will provide assistance to help them make informed decisions. Jeffrey Lucy AM Michael Carmody AO Chairman of Australian Securities and Commissioner of Taxation Investments Commission CHOICE OF SUPERANNUATION FUND ■ i ii ■ CHOICE OF SUPERANNUATION FUND contents FOREWORD i 04 COMPLIANCE APPROACHES 17 01 Employers 18 INTRODUCING CHOICE OF SUPERANNUATION FUND Employees 19 1 Superannuation funds and trustees 19 About this booklet 2 Financial advisers 21 What is choice of superannuation fund? 2 Who does choice of superannuation fund affect? 2 Overview of the Tax Office’s compliance approach 3 Overview of ASIC’s compliance approach 4 Overview of APRA’s compliance approach 4 05 WHAT ATTRACTS THE ATTENTION OF THE TAX OFFICE, ASIC AND APRA? 23 Employers Superannuation funds and trustees YOUR OBLIGATIONS 6 Employees’ obligations 8 Superannuation funds and trustees’ obligations 9 25 5 Employers’ obligations 24 Financial advisers 02 24 06 MORE INFORMATION 27 11 Where to get more information 28 Definitions Financial advisers’ obligations 29 03 WHAT YOU CAN EXPECT 13 Consequences of non-compliance by employers 14 Consequences of non-compliance by employees 14 Consequences of non-compliance by superannuation funds and trustees 15 Consequences of non-compliance with obligations regulated by ASIC 15 CHOICE OF SUPERANNUATION FUND ■ iii iv ■ CHOICE OF SUPERANNUATION FUND 01 introducing choice of superannuation fund 01 introducing choice of superannuation fund ABOUT THIS BOOKLET EMPLOYERS Generally, from 1 July 2005, employers must offer choice This booklet explains the obligations and penalties of superannuation fund to all eligible employees. To meet under the choice of superannuation fund initiative for this obligation, employers need to identify their eligible employers, employees, superannuation funds and their employees; provide a Standard choice form to their eligible trustees, and financial advisers. employees; and act on an employee’s choice. It also outl...
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