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On the AustralianSuper/Qantas Frequent Flyer link under the heading of Important Information it states:
" This communication is not financial product advice, it IS NOT INTENDED TO INFLUENCE A PERSON IN MAKING A DECISION IN RELATION TO A PARTICULAR FINANCIAL PRODUCT ".
Hang on...lets think about that.
A major super fund is offering new members only (not their existing members ), a benefit of receiving 20,000 Qantas Frequent Flyer points if they join their super fund (ie. a financial product) in a limited time frame up until 31st Dec, 2019 and they are stating that the offer of the frequent flyer points is not intended as an incentive or to influence a decision to join that super fund ?
Being a new member, rather than an existing member would indicate that you are most likely looking for the potential benefits or advantages of becoming a member, it therefore is entirely ridiculous to attempt to state the offer of the frequent flyer points is not intended to influence a decision.
It is clearly designed to influence an individual's decision to join AustralianSuper as an incentive which has nothing to do with the capacity of the super fund to accumulate retirement monies.
This is an offer of a direct member benefit provided before retirement and the ATO thinks this doesn't breach the Sole Purpose Test ?
This is the set of steak knives if you purchase the casserole dish within the next 30mins !
This is about the commodification of superannuation as a product which is now open for all realms of promotional activity, sponsorship deals and non associated benefits in the attempt to garner a greater volume of funds under management and therefore a greater volume of management fees.