superchoice_obligations

superchoice_obligations - choice of superannuation fund...

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meeting your choice of superannuation fund obligations
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© COMMONWEALTH OF AUSTRALIA 2005 This work is copyright. Apart from any use as permitted under the Copyright Act 1968 , no part may be reproduced by any process without prior written permission from the Commonwealth available from the Department of Communications, Information Technology and the Arts. Requests and enquiries concerning reproduction and rights should be addressed to the Commonwealth Copyright Administration, Intellectual Property Branch, Department of Communications, Information Technology and the Arts, GPO Box 2154, Canberra ACT 2601 or posted at http://www.dcita.gov.au/cca PUBLISHED BY Australian Taxation Office Canberra June 2005
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From 1 July 2005, the choice of superannuation fund initiative will allow many Australian employees to choose the fund into which their future superannuation guarantee contributions will be made. This change is expected to provide employees with a greater sense of ownership over their retirement savings. This initiative will be jointly administered by the Tax Office, Australian Securities and Investments Commission and Australian Prudential Regulatory Authority. This booklet aims to help employers, superannuation fund trustees and financial advisers understand their obligations and our compliance approaches. Because we are committed to being open in our dealings with the community, it also explains what they can expect from us. It’s important for employees to take time to carefully consider which superannuation fund will work best for them. We will provide assistance to help them make informed decisions. Jeffrey Lucy AM Chairman of Australian Securities and Investments Commission We expect superannuation fund trustees and financial advisers to be ready to comply with their obligations so that they operate in the best interests of the community. There will be a focus on compliance across this initiative. Where employers and the community make a genuine effort to comply, we will work with them to rectify any issues. However, a firm approach will be taken with those who set out to deliberately avoid meeting their obligations. By publishing our compliance approaches, we hope to influence the decisions people make about meeting their obligations. We urge all employers, trustees, financial advisers and tax practitioners to read this booklet and ensure they fully understand their obligations and our compliance approaches to the choice of superannuation fund initiative. Michael Carmody AO Commissioner of Taxation CHOICE OF SUPERANNUATION FUND i foreword
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ii CHOICE OF SUPERANNUATION FUND
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FOREWORD i 01 INTRODUCING CHOICE OF SUPERANNUATION FUND 1 About this booklet 2 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 02 YOUR OBLIGATIONS 5 Employers’ obligations 6 Employees’ obligations 8
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