POWERED BY MOMENTUM MEDIA
Man jailed over early release super
A Sydney man has been jailed for two years on charges relating to the operation of an illegal early release superannuation scheme.
The Australian Securities and Investments Commission (ASIC) said the man, Gerard Karl Little, of the Sydney suburb of Castlecrag, had been sentenced to two years in prison with a non-parole period of eight months for unlawfully allowing the early access of superannuation.
The charges against Little followed an ASIC investigation that found he had failed to ensure his self-managed superannuation fund, known as the Little Superannuation Fund (LSF), was maintained in accordance with the sole purpose test.
The investigation found the preserved superannuation benefits of 121 superannuants totalling $3,531,056.93 were deposited by Little into the bank accounts of LSF after being rolled over from 11 complying superannuation funds.
The court was told that Little then used the LSF to obtain early access to the benefits by withdrawing and distributing the funds to superannuants while retaining over $685,000 for himself by way of a commission.
AUTHOR
Mike Taylor
Recommended for you
Introducing reforms for strengthening simpler and faster claims handling and better servicing for First Nations members are critical priorities, according to the Super Members Council.
The Commonwealth Bank has warned that uncapped superannuation concessions may be “unsustainable” and has called for the introduction of a superannuation cap.
Superannuation funds have posted another year of strong returns, but this time, the gains weren’t powered solely by Silicon Valley.
Australia’s $4.1 trillion superannuation system is doing more than funding retirements – it’s quietly fuelling the nation’s productivity, lifting GDP, and adding thousands to workers’ pay packets, according to new analysis from the Association of Superannuation Funds of Australia (ASFA).
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
