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22 Oct 07 Super fund trustees subject to penalties - Fitzgeralds

The Federal Court (Logan J) has held that the respondents, trustees of a superannuation fund (the Fund), contravened s 62(1) of the Superannuation Industry (Supervision) Act 1993 (Cth) by failing to ensure that the Fund was maintained for one or more of the purposes set out in s 62(1), instead maintaining the Fund for the purpose or significant purpose of making payments to satisfy a claim made against the first respondent by a third party; and also contravened s 65(1) of the SIS Act by giving financial assistance using the resources of the Fund to a member of the Fund, namely the first respondent. The first respondent was ordered to pay $20,000 by way of penalty, whilst the second respondent was ordered to pay $10,000: Raelene Vivian, suing in her capacity as the Deputy Commissioner of Taxation (Superannuation) v Fitzgeralds [2007] FCA 1602 (Federal Court, Logan J, 15 October 2007).

For a copy of the decision, go here

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