A group of Australian residents have existing superannuation benefits held in funds. 2. A person or group of persons (the organiser) approaches such Australian residents, either directly or indirectly, to enter into an early release arrangement. The group may be composed of members of an ethnic community or share a common employer. 3. The organiser incorrectly informs such Australian residents that they can use the early release arrangement to gain immediate access to their superannuation contributions for use for personal or investment purposes. 4. The organiser purports to establish and operate a self-managed superannuation fund (SMSF) for retirement purposes as prescribed under the Superannuation Industry (Supervision) Act 1993 (SIS Act). 5. The organiser arranges the rollover of superannuation benefits of the individual into the SMSF. 6. The superannuation benefits of the Australian residents are subsequently released from the SMSF by the organisers of the arrangement without a condition of release being satisfied. 7. A significant fee is normally charged upon the release of benefits, as much as 30% of the benefits improperly released.
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