Commonwealth Numbered Acts

TAX AND SUPERANNUATION LAWS AMENDMENT (2014 MEASURES NO. 1) ACT 2014 (NO. 11, 2014) - SCHEDULE 1

Superannuation Industry (Supervision) Act 1993

1  After section 68A

Insert:

68B   Promotion of illegal early release schemes

             (1)  A person must not promote a scheme that has resulted, or is likely to result, in a payment being made from a regulated superannuation fund otherwise than in accordance with payment standards prescribed under subsection 31(1).

             (2)  Subsection (1) is a civil penalty provision as defined by section 193, and Part 21 therefore provides for civil and criminal consequences of contravening, or being involved in a contravention of, that subsection.

             (3)  In this section:

"promote" , in relation to a scheme, includes the following:

                     (a)  enter into the scheme;

                     (b)  induce another person to enter into the scheme;

                     (c)  carry out the scheme;

                     (d)  commence to carry out the scheme;

                     (e)  facilitate entry into, or the carrying out of, the scheme.

"scheme" means:

                     (a)  any agreement, arrangement, understanding, promise or undertaking:

                              (i)  whether express or implied; or

                             (ii)  whether or not enforceable, or intended to be enforceable, by legal proceedings; or

                     (b)  any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise.

2  After paragraph 193(c)

Insert:

                    (ca)  subsection 68B(1);