DESCRIPTION
A promoter advertises that they can arrange for early access to an individual's superannuation prior to retirement for personal uses (eg: a new car or home, holiday). 2. The arrangement could take a number of forms including: • providing the promoter with details of your superannuation fund with the promoter promising to arrange for your superannuation to be paid to you; • the promoter assisting you to establish your own self managed superannuation fund, having your existing superannuation rolled over into this fund, and then: • having your superannuation paid directly to you from the fund; or • arranging for the fund to invest in another (perhaps offshore) entity associated with the promoter, with the promise that all or part of the fund's investment will then be returned to the individual in the form of an interest free or low interest loan and the money can then be used for personal purposes by the individual. 3. The promoter normally charges a fee for their services.