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Unformatted text preview: ﬁes that salary or wages 24 ■ CHOICE OF SUPERANNUATION FUND ■ procedures for following up outstanding contributions from employers. ASIC works to identify superannuation funds (other than ■ advice to employees to move accumulated self managed superannuation funds) that do the wrong superannuation beneﬁts from a fund/s to another fund, thing. or The Superannuation Complaints Tribunal works to resolve
complaints about superannuation funds. ■ advice to employees about where to direct their future employer superannuation contributions.
Key ASIC compliance messages include: The Tax Ofﬁce looks for schemes that use self managed
superannuation funds to illegally access superannuation
early. More details are provided in the section below. SELF MANAGED SUPERANNUATION FUNDS,
EARLY ACCESS AND THEIR PROMOTERS
Self managed superannuation funds are sometimes
illegally promoted as a way of accessing superannuation
before retirement. ■ advisers must make proper investigation of the ‘from’ fund that they advised the client to switch from (or stop
making contributions to). Without this investigation,
their advice is more likely to be inappropriate for the
■ advisers must make appropriate disclosures about their switching advice. If there is limited investigation of the
‘from’ fund then it is more likely that advisers will be
unable to give appropriate advice because they can’t The Tax Ofﬁce identiﬁes promoters and individuals disclose the costs, loss of beneﬁts and other signiﬁcant participating in this type of scheme in a number of ways, consequences of the switch, and including:
■ monitoring advertisements on the internet, in newspapers and on radio ■ there must be adequate procedures in place for managing conﬂicts of interest that might inﬂuence
advice. This is a licensee obligation. ■ monitoring AUSTRAC data
■ obtaining information from the community and from other government agencies
■ obtaining feedback from ﬁnancial institutions, ADVICE ABOUT SELF MANAGED
There has been signiﬁcant growth in the number of self superannuation funds, administrators and ﬁnancial managed superannuation funds established over the advisers, and last few years. ASIC is conc...
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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