Introduced with the Income Tax Rates Amendment (Unlawful Payments from Regulated Superannuation Funds) Bill 2012, the bill amends the:
Superannuation Industry (Supervision) Act 1993 to provide for civil and criminal penalties for persons who promote a scheme that has resulted, or is likely to result, in the illegal early release of superannuation benefits;
Anti-Money Laundering and Counter-Terrorism Financing Act 2006 to require that superannuation benefits that are rolled over into self-managed superannuation funds (SMSFs) are captured as a designated service; and
Superannuation Industry (Supervision) Act 1993 and
Taxation Administration Act 1953 to provide for administrative directions and penalties for contraventions relating to SMSFs.