Rollovers transfers investment returns fees and costs

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Unformatted text preview: ion fund. It must include the name of the fund to which the employer will contribute if the employee does not make a choice. Periodic statement Statement of advice A document that superannuation fund trustees must send A record of any personal advice given by an out to members of the fund at specified intervals, often Australian financial services licensee or its authorised annually. It contains information about the member’s representative which explains the basis for the advice and superannuation account balance, including contributions, recommendations. rollovers, transfers, investment returns, fees and costs that have been deducted from the member’s account. Personal advice This is financial product advice that takes into account Superannuation guarantee Minimum levels of superannuation that employers must contribute for their employees. Currently, they must contribute 9% of an employee’s earnings. an individual’s personal objectives, financial situation and needs. Product disclosure statement Superannuation guarantee charge The charge imposed by the Tax Office if an employer does not make sufficient superannuation contributions for an A document that the issuer of a financial product must employee to a complying fund by the 28th day after the end provide in relation to the offer of issue of that financial of the payment quarter. product. It gives information about the issuer, benefits, risks and costs of the product and certain other information. Public offer superannuation fund Superannuation guarantee quarterly statement The form used by employers and their representatives to notify the Tax Office that they have not made sufficient A public offer superannuation fund is a fund which can superannuation guarantee contributions for an employee accept members who do not have any connection with an and/or they have not met their choice of superannuation employer, or members who themselves direct where their fund obligations. employer contributions go. Note: see section 18 of the Superannuation Industry (Supervision) Act 1993 for an exact definition. CHOICE OF SUPERANNUATION FUND ■ 31 ‘To’ fund In terms of switching between superannuation funds, the ‘to’ fund is the superannuation fund an employer or employee is advised to start making contributions to and/or to rollover existing superannuation accounts to. Regulated superannuation fund A fund that meets a number of requirements set out in section 19 of the Superannuation Industry (Supervision) Act 1993 (SIS). A fundamental requirement is that the fund has made an election to be governed by the rules of the SIS Act. 32 ■ CHOICE OF SUPERANNUATION FUND NAT 13622-6.2005...
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