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First ever Criminal charge brought against SMSF Trustee by
ASIC under the Superannuation Industry (Supervision) Act 1993 (the SIS
Act).
Mr Kassongo, 51, is charged with dishonestly failing to ensure a self-managed
fund known as the Kassongo Superannuation Fund (KSF) was maintained in
accordance with the sole purpose test while trustee of the fund.
This criminal charge follows an investigation conducted with the assistance of
the Australian Taxation Office and is the first to be laid against a trustee of
a self-managed superannuation fund under the SIS Act.
ASIC alleges that the preserved superannuation benefits of 192 superannuants
totalling $4,055,043 were deposited into the bank accounts of the KSF. These
funds were rolled over from 56 complying superannuation funds.
Mr Kassongo then allegedly used the KSF to obtain
early access to these benefits by withdrawing and distributing the funds to the
superannuants and agents engaged by him to assist in the early release scheme.
Mr Kassongo retained over $600,000 for himself by way of a commission.
Click here to read the full story or copy the below URL in your browser.
http://www.fido.gov.au/fido/fido.nsf/byHeadline/08-181?opendocument.
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www.trustdeed.com.au provides online service for creating, storing & managing legal documents for Companies and Trust deeds for SMSF, Family, Unit & Hybrid Trusts, click here for more information.
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if you are an advisor, financial planner, accountant or a solicitor, we can offer you to create one trust deed on our system for free. This offer is valid provided you purchase 10 or more new SMSF deeds or update 10 SMSF trust deeds for your clients. To claim your first free trust deed, first register on our website www.trustdeed.com.au and phone our office on 02 9638 2807 for a promotional code.
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New or update your existing SMSF Trust Deed for $110 You can keep the trust deed up to date for the next five years for only $165.
Our SMSF trust deed has been prepared with input from accountants who have over two decades of experience in setting up structures for their clients and have combined knowledge of auditing and lodging tax returns for more then 2000 SMSF's, their practical experience is an invaluable contribution.
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