Compliance program 2011-12

Superannuation

The establishment and operation of illegal early release schemes, even on a small scale undermines confidence in Australia's superannuation system.

We will continue to review all registration applications for self managed superannuation funds to ensure that only people who are fit and proper are allowed to register and that funds are not established for the purpose of facilitating illegal early release.

We will also monitor the rollover process to ensure integrity in the system, work with the Australian Prudential Regulation Authority in promoting good practices in the funds they regulate, and provide our self-managed superannuation funds member verification service for those funds.

We will continue to identify, investigate, assess for tax and refer for prosecution individual participants and promoters of illegal early release schemes.

Sections within Abuse of the taxation and superannuation systems

• Secrecy jurisdictions
• Refund fraud
• Organised crime
• Prosecutions
• Tax-avoidance arrangements
• Superannuation