A trustee of a self-managed superannuation fund (SMSF) has been sentenced to 12 months jail following ASIC charges regarding an early release superannuation scheme.
ASIC had brought charges against Susan Palusi for illegally facilitating the release of superannuation benefits totalling just over $260,000.
She was a trustee of the Palusi Superannuation Fund (PSF) at the time and dishonestly arranged nine people in the fund to get early access to their superannuation benefits, which were subsequently rolled into the PSF.
Palusi gave the money to a number of people while retaining around $73,000 by way of a commission.
According to ASIC, Palusi was aware of her legal obligations including the need to preserve superannuation benefits.
She was convicted under sections 62 and 202 of the Superannuation Industry (Supervision) Act (1993).
Under this Act, the sole purpose test requires SMSF trustees to maintain these funds for the purpose of providing retirement benefits to members.
Palusi was sentenced in the District Court of New South Wales.
