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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.
- One '13