superchoice_obligations

Them to comply it is available from the super choice

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Unformatted text preview: ed to have developed an A free publication, Super Choices, has been released to understanding of their obligations and to have put in place provide employees with information about superannuation, the necessary infrastructure and procedures to enable choice of superannuation fund and how to compare funds. them to comply. It is available from the Super Choice website or by calling the Super Choice Infoline. The Tax Office will continue with its program of verification activities and refine its approaches based on its experience An education campaign is being undertaken to ensure that during the initiative’s first year of operation. It will also employees can find out if they are eligible for choice of adjust its penalty reduction policy to reflect a maturing superannuation fund. system. From the quarter starting 1 July 2006, non- In addition, seminars will be conducted through employer compliance will be penalised in line with normal penalty groups and industry bodies to explain what employees guidelines. have to do if they wish to choose a fund and what employees should consider when making a choice. EMPLOYEES The Tax Office will focus on preventing improper early access by employees to preserved superannuation SUPERANNUATION FUNDS AND TRUSTEES benefits. APRA’S PRUDENTIAL SUPERVISION The Tax Office may refer for prosecution employees who provide false or misleading statements, for example if an employee provides their personal bank account details to an employer instead of their chosen superannuation fund’s bank account details. As part of its continual prudential evaluation, APRA will review the risk management processes of trustees to assess whether a fund’s controls are adequate for the operational risks it faces. Operational risks may arise from fund administration, information technology, fraud and the It will also work with ASIC and APRA to help employees management of change, such as the introduction of new understand their entitlements under choice of products and processes. superannuation fund. APRA adopts a graduated system of risk asses...
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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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