Commonwealth Consolidated Acts

TAX AND SUPERANNUATION LAWS AMENDMENT (2014 MEASURES NO. 1) ACT 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);