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SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993


TABLE OF PROVISIONS

           Long Title

   PART 1--PRELIMINARY

           Division 1--Preliminary

   1.      Short title  
   2.      Commencement  
   3.      Object of Act  
   4.      Summary of provisions  
   6.      General administration of Act  
   7.      Application of Act not to be excluded or modified  
   8.      Act extends to external Territories  
   9.      Crown to be bound  
   9A.     Application of the Criminal Code  

           Division 2--Interpretation

   10.     Definitions  
   10A.    Interdependency relationship  
   11.     Approvals, determinations etc. by Regulator  
   11A.    Approved forms  
   11B.    Electronic lodgment of approved forms  
   11C.    Declaration required if approved form lodged electronically on trustee's behalf  
   11D.    Electronic lodgment--documents other than approved forms  
   11E.    Approved guarantees  
   12.     Associates  
   13.     Single trustees  
   13A.    RSE licensees that are groups of individual trustees  
   14.     Indefinitely continuing fund--application of rules against perpetuities  
   15.     Approved deposit funds--payments by trustees  
   15A.    Definitions of employee and employer  
   15B.    Modified meaning of member  
   16.     Definitions associated with employer-sponsorship  
   17A.    Definition of self managed superannuation fund  
   17B.    Definition of self managed superannuation fund--remuneration of trustees etc.  
   18.     Public offer superannuation fund  
   19.     Regulated superannuation fund  
   20.     Related bodies corporate  
   20A.    Resident approved deposit funds  
   20B.    Accrued default amounts  

   PART 2A--LICENSING OF TRUSTEES AND GROUPS OF INDIVIDUAL TRUSTEES

           Division 1--Object of this Part

   29A.    Object of this Part and the relationship of this Part to other provisions  

           Division 2--Classes of RSE licences

   29B.    Classes of RSE licences  

           Division 3--Applying for RSE licences

   29C.    Applications for RSE licences  
   29CA.   APRA may request further information  
   29CB.   Period etc. for deciding applications from existing trustees in licensing transition period  
   29CC.   Period for deciding other applications  

           Division 4--Grant of RSE licences

   29D.    Grant of RSE licences  
   29DB.   Notice of class of licence  
   29DC.   Documents required to bear ABNs  
   29DD.   Licence period  
   29DE.   APRA to give notice of refusal of applications  

           Division 5--Conditions on RSE licences

   29E.    Conditions imposed on all licences and on groups of licences  
   29EA.   Additional conditions imposed on individual licences by APRA  
   29EB.   Directions to comply with licence conditions  

           Division 6--Varying RSE licences

   29F.    Applications for variation of RSE licences  
   29FA.   APRA may request further information  
   29FB.   Period for deciding applications  
   29FC.   APRA may vary RSE licences in accordance with applications  
   29FD.   APRA may vary or revoke licence conditions on its own initiative  
   29FE.   Notification of APRA's decisions under this Division  
   29FF.   When variations or revocations come into force etc.  

           Division 7--Cancelling RSE licences

   29G.    Cancellation of RSE licences  
   29GA.   Cancellation of RSE licences of financial services licensees  
   29GB.   APRA may allow RSE licence to continue in effect  

           Division 9--Offences and self-incrimination

   29J.    Being trustee of a registrable superannuation entity while unlicensed etc.  
   29JA.   Failing to notify breach of licence condition  
   29JB.   Not complying with direction to comply with licence conditions  
   29JCA.  False representation about status as RSE licensee  
   29JD.   Breach does not affect validity of issue of superannuation interests etc.  

   PART 2B--REGISTRABLE SUPERANNUATION ENTITIES

           Division 1--Object of this Part

   29K.    Object etc. of this Part  

           Division 2--Applying for registration

   29L.    Applications for registration  
   29LA.   APRA may request further information  
   29LB.   Period for deciding applications for registration  

           Division 3--Registration

   29M.    Registration of registrable superannuation entity  
   29MA.   Notice of registration  
   29MB.   Documents required to bear ABNs  
   29MC.   APRA to give notice of refusal of applications  

           Division 4--Cancelling registration

   29N.    Cancelling registration  

           Division 5--Offences

   29QB.   Certain information required to be made publicly available  
   29QC.   Obligation to give consistent information  

   PART 2C--MYSUPER

           Division 1--Object of this Part

   29R.    Object of this Part  

           Division 2--Applying for authority

   29S.    Application for authority to offer a MySuper product  
   29SAA.  Election to transfer accrued default amounts  
   29SAB.  Election to transfer assets attributed to a MySuper product if authorisation cancelled  
   29SAC.  Election not to charge MySuper members for payment of conflicted remuneration  
   29SA.   APRA may request further information  
   29SB.   Period for deciding applications for authority  

           Division 3--Authority

   29T.    Authority to offer a MySuper product  
   29TA.   Product in another fund in which there is already material goodwill  
   29TB.   MySuper products for large employers  
   29TC.   Characteristics of a MySuper product  
   29TD.   Notice of authority  
   29TE.   APRA to give notice of refusal of authority  

           Division 4--Cancelling authority

   29U.    Cancelling authority to offer MySuper product  
   29UA.   Cancellation of authority of an RSE licensee that is also a financial services licensee  
   29UB.   APRA may allow authority to continue in effect  

           Division 5--Fees rules for MySuper products

   29V.    Fees that may be charged in relation to a MySuper product  
   29VA.   Charging rules  
   29VB.   Administration fee exemption for employees of an employer-sponsor  
   29VC.   Activity fees and insurance fees to be charged on a cost recovery basis  
   29VD.   Performance-based fees  
   29VE.   Percentage-based administration fees may be capped  

           Division 6--Trustee obligations relating to MySuper

   29VN.   Additional obligations of a trustee in relation to a MySuper product  
   29VO.   Additional obligations of a director of a corporate trustee in relation to a MySuper product  
   29VP.   Contravention of section 29VN  
   29VPA.  Contravention of section 29VO  
   29VQ.   Governing rules void to the extent that they are inconsistent with obligations under section 29VN or 29VO  

           Division 7--Offences

   29W.    Offering a product as a MySuper product when not authorised to do so  
   29WA.   Contributions in relation to which no election is made are to be paid into MySuper product  
   29WB.   Contributions by large employer in relation to which no election is made to be paid into large employer MySuper product  

           Division 8--Other matters

   29X.    Prudential standards dealing with accrued default amounts  
   29XA.   Prudential standards dealing with assets attributed to former MySuper products  
   29XB.   No liability for certain transfers  
   29XC.   Public sector superannuation scheme ceases to be exempt  

   PART 3--OPERATING STANDARDS

           Division 1--Object of Part

   30.     Object of Part  

           Division 2--Operating standards

   31.     Operating standards for regulated superannuation funds  
   32.     Operating standards for approved deposit funds  
   33.     Operating standards for pooled superannuation trusts  
   33A.    Relationship between operating standards, this Act and the regulations  
   34.     Prescribed operating standards must be complied with  

           Division 3--Portability forms

   34A.    Portability forms  

   PART 3A--PRUDENTIAL STANDARDS

   34B.    Object of this Part  
   34C.    APRA may determine prudential standards  
   34D.    Relationship between prudential standards, this Act and the regulations  
   34E.    Notice of determination, variation or revocation of certain prudential standards  
   34F.    APRA to monitor prudential matters  

   PART 3B--SUPERANNUATION DATA AND PAYMENT REGULATIONS AND STANDARDS

           Division 1--Superannuation data and payment regulations and standards

   34H.    Object of Part  
   34J.    Alternative constitutional basis  
   34K.    Superannuation data and payment regulations and standards  
   34L.    Relationship between standards and other law  

           Division 2--Compliance with superannuation data and payment regulations and standards

   34M.    Compliance requirement--trustees of eligible superannuation entities  
   34N.    Compliance requirement--employers  
   34P.    Regulator's power to give directions in certain circumstances--trustees of eligible superannuation entities  
   34Q.    Regulator's power to give directions in certain circumstances--employers  

           Division 3--Infringement notices

   34R.    When an infringement notice may be given  
   34S.    Matters to be included in notice  
   34T.    Extension of time to pay amount  
   34U.    Withdrawal of an infringement notice  
   34V.    Effect of payment of amount  
   34W.    Effect of this Division  

           Division 4--Information

              Subdivision A--Correction and rectification of information

   34X.    Correction and rectification of information  

              Subdivision B--Register of information about certain funds and schemes

   34Y.    Register of information about certain funds and schemes  
   34Z.    Trustees to provide information for inclusion in register  

   PART 4--ACCOUNTS, AUDIT AND REPORTING OBLIGATIONS FOR SUPERANNUATION ENTITIES

           Division 1--Objects

   35.     Objects of Part  

           Division 2--Obligations for registrable superannuation entities

   35A.    Accounting records  
   35AB.   Auditor requests for documents  
   35AC.   Appointed auditor's functions and duties  
   35AD.   Appointed actuary's functions and duties  

           Division 3--Obligations for self managed superannuation funds

   35AE.   Accounting records  
   35B.    Accounts and statements  
   35C.    Audit of accounts and statements  
   35D.    Trustee to lodge annual returns  

   PART 5--NOTICES ABOUT COMPLYING FUND STATUS

           Division 1--Objects and interpretation

   37.     Objects of Part  
   38.     Meaning of entity  

           Division 2--The Regulator may give notices about complying fund status

   38A.    Meaning of regulatory provision  
   39.     Meaning of contravention  
   40.     Notices by the Regulator to trustee  
   41.     When the Regulator obliged to give notice of compliance  
   42.     Complying superannuation fund  
   42A.    Complying superannuation fund--fund that has been a self managed superannuation fund at any time during a year  
   43.     Complying approved deposit fund  
   44.     Pooled superannuation trust  

           Division 3--Complying fund status for tax purposes

   45.     Complying superannuation fund  
   46.     Complying superannuation scheme--superannuation guarantee charge  
   47.     Complying approved deposit fund  
   48.     Pooled superannuation trust  
   49.     Transitional--notices under the repealed provisions of the Occupational Superannuation Standards Act 1987  
   50.     Transitional--late lodgment of elections by trustees of superannuation funds  

   PART 6--PROVISIONS RELATING TO GOVERNING RULES OF SUPERANNUATION ENTITIES

   51.     Object of Part  
   51A.    Covenants are cumulative  
   52.     Covenants to be included in governing rules--registrable superannuation entities  
   52A.    Covenants relating to directors to be included in governing rules--registrable superannuation entities  
   52B.    Covenants to be included in governing rules--self managed superannuation funds  
   52C.    Covenant relating to directors to be included in governing rules--self managed superannuation funds  
   53.     Covenants to repay amounts to beneficiaries in approved deposit funds  
   54.     Prerequisites to variation of repayment period  
   54A.    Regulations may prescribe other covenants  
   55.     Consequences of contravention of covenant  
   55A.    Rules about cashing benefits after death of members  
   55B.    Governing rules do not prevent giving effect to certain elections  
   55C.    Governing rules do not prevent transfer from pre-MySuper default option to MySuper product  
   56.     Indemnification of trustee from assets of entity  
   57.     Indemnification of directors of trustee from assets of entity  
   58.     Trustee not to be subject to direction  
   58A.    Service providers and investments cannot be limited to particular persons or associates  
   58B.    Service providers and investments  
   59.     Exercise of discretion by person other than trustee  
   60.     Amendment of governing rules  
   60A.    Dismissal of trustee of public offer entity  

   PART 7--PROVISIONS APPLYING ONLY TO REGULATED SUPERANNUATION FUNDS

   61.     Object of Part  
   62.     Sole purpose test  
   62A.    Self managed superannuation funds--investment in collectables and personal use assets  
   63.     Certain regulated superannuation funds not to accept employer contributions in certain circumstances  
   64.     Superannuation contributions--deductions from salary or wages to be remitted promptly  
   64A.    Compliance with determinations of the Superannuation Complaints Tribunal  
   65.     Lending to members of regulated superannuation fund prohibited  
   66.     Acquisitions of certain assets from members of regulated superannuation funds prohibited  
   67.     Borrowing  
   67A.    Limited recourse borrowing arrangements  
   67B.    Limited recourse borrowing arrangements--replacement assets  
   68.     Victimisation of trustees etc.  
   68AA.   Benefits for permanent incapacity and death--MySuper members  
   68A.    Conduct relating to fund membership  
   68B.    Promotion of illegal early release schemes  
   68C.    Voting by a director of a corporate trustee--governing rules  
   68D.    Voting by an individual trustee--governing rules  

   PART 8--IN-HOUSE ASSET RULES APPLYING TO REGULATED SUPERANNUATION FUNDS

           Division 1--Object and interpretation

              Subdivision A--General

   69.     Object of Part  
   69A.    Sub-funds to be treated as funds  
   70A.    The Regulator may determine a person to be a standard employer-sponsor  

              Subdivision B--Part 8 associates

   70B.    Part 8 associates of individuals  
   70C.    Part 8 associates of companies  
   70D.    Part 8 associates of partnerships  
   70E.    Meanings of terms used in sections 70B, 70C and 70D  

              Subdivision C--In-house assets

   71.     Meaning of in-house asset  

              Subdivision D--Transitional arrangements in relation to in-house assets

   71A.    Exceptions--pre-11 August 1999 investments and loans  
   71B.    Exceptions--pre-11 August 1999 leases and lease arrangements  
   71C.    Exceptions--transition period  
   71D.    Exception--reinvestments  
   71E.    Exception--certain geared investments  
   71EA.   Relationship breakdowns  
   71F.    Meaning of certain terms used in Subdivision D  

              Subdivision E--Other provisions in relation to in-house assets

   72.     How this Part applies if there are 2 or more employer-sponsors of whom at least one is an unrelated employer-sponsor  
   73.     Cost of in-house asset  
   74.     Historical cost ratio of fund's in-house assets  
   75.     Market value ratio of fund's in-house assets  

           Division 2--Historical cost ratio of fund's in-house assets

   76.     Private sector funds established on or after 12 March 1985--historical cost ratio for the 1994-95 year of income  
   77.     Private sector funds established before 12 March 1985--historical cost ratio for the 1994-95 year of income  
   78.     Public sector funds established on or after 1 July 1990--historical cost ratio for the 1994-95 year of income  
   79.     Public sector funds established before 1 July 1990--historical cost ratio for the 1994-95 year of income  
   80.     All funds--historical cost ratio for the 1995-96 year of income, the 1996-97 year of income and the 1997-98 year of income  

           Division 3--Market value ratio of fund's in-house assets

   80A.    Division not applicable to certain funds  
   81.     All funds--market value ratio for the 1998-99 year of income and the 1999-2000 year of income  
   82.     All funds--market value ratio for the 2000-2001 year of income and later years of income  
   83.     Certain new in-house asset investments prohibited  

           Division 3A--Limit on in-house assets of certain defined benefit funds

   83A.    Definitions  
   83B.    Application of Division  
   83C.    Maximum permitted market value of in-house assets  
   83D.    Limit on in-house assets  
   83E.    Acquisition of in-house assets prohibited in certain circumstances  

           Division 4--Enforcement

   84.     In-house asset rules must be complied with  

           Division 5--Anti-avoidance

   85.     Prohibition of avoidance schemes  

   PART 9--EQUAL REPRESENTATION OF EMPLOYERS AND MEMBERS--EMPLOYER-SPONSORED FUNDS

   86.     Object of Part  
   87.     Consequences of non-compliance with this Part  
   88.     This Part does not apply if acting trustee appointed under Part 17  
   89.     Basic equal representation rules  
   90.     Pre-1 July 1995 rules--funds with fewer than 200 members  
   91.     Pre-1 July 1995 rules--funds with 200 or more members  
   92.     Post-30 June 1995 rules--funds with more than 4, but fewer than 50, members  
   93.     Post-30 June 1995 rules--funds with more than 49 members  
   93A.    A trustee who is an employer-sponsor of a fund may still be an independent trustee  

   PART 10--PROVISIONS APPLYING ONLY TO APPROVED DEPOSIT FUNDS

   94.     Object of Part  
   95.     Borrowing  

   PART 11--PROVISIONS APPLYING ONLY TO POOLED SUPERANNUATION TRUSTS

   96.     Object of Part  
   97.     Borrowing  
   98.     Lending to unit-holders prohibited  
   99.     Civil penalty provisions  

   PART 11A--GENERAL FEES RULES

   99A.    Application  
   99B.    No entry fees  
   99C.    Buy-sell spreads, switching fees and exit fees to be charged on a cost recovery basis  
   99D.    Cost of advice to employers not to be borne by members  
   99E.    Fair and reasonable attribution of costs between classes of beneficial interest in a regulated superannuation fund  
   99F.    Cost of financial product advice  

   PART 12--DUTIES OF TRUSTEES AND INVESTMENT MANAGERS OF SUPERANNUATION ENTITIES

   100.    Object of Part  
   101.    Duty to establish arrangements for dealing with inquiries or complaints  
   102.    Duty to seek information from investment manager  
   103.    Duty to keep minutes and records  
   104.    Duty to keep records of changes of trustees  
   104A.   Trustees etc. of self managed superannuation fund--recognition of obligations and responsibilities  
   105.    Duty to keep reports  
   106.    Duty to notify the Regulator of significant adverse events  
   106A.   Duty to notify Commissioner of Taxation of change in status of entity  
   107.    Duty of trustee of employer-sponsored fund to establish procedure for appointing member representatives  
   108.    Duty of trustee of employer-sponsored fund to establish procedure for appointing independent trustee or independent member of board of directors of corporate trustee  
   108A.   Trustee's duty to identify etc. multiple superannuation accounts of members  
   109.    Investments of superannuation entity to be made and maintained on arm's length basis  

   PART 14--OTHER PROVISIONS APPLYING TO SUPERANNUATION ENTITIES

   114.    Object of Part  
   115.    Trustee of superannuation entity may maintain reserves  
   116.    Agreement between trustee and investment manager  
   117.    Circumstances in which amounts may be paid out of an employer-sponsored fund to an employer-sponsor  
   118.    Consents to appointments  

   PART 15--STANDARDS FOR TRUSTEES, CUSTODIANS AND INVESTMENT MANAGERS OF SUPERANNUATION ENTITIES

           Division 1--Object of Part and definition of disqualified person

   119.    Object of Part  
   120.    Disqualified persons  

           Division 2--Requirements for custodians and investment managers

   122.    Investment manager must not appoint or engage custodian without the trustee's consent  
   123.    Persons who may be appointed to be custodians of superannuation entities  
   124.    Investment managers must be appointed in writing  
   125.    Individuals not to be investment managers of superannuation entities  

           Division 3--Disqualified persons

              Subdivision A--Disqualification by the Commissioner of Taxation

   126.    Application of this Subdivision  
   126A.   The Regulator may disqualify individuals  
   126B.   Application for waiver of disqualified status  
   126C.   Application must be decided within a period of time  
   126D.   Notifying of the outcome of an application  
   126E.   The effect of seeking a waiver of disqualified person status  
   126F.   The Regulator's powers to seek further material  

              Subdivision B--Disqualification by the Federal Court of

   126G.   Application of this Subdivision  
   126H.   Court power of disqualification  
   126J.   Court power to revoke or vary a disqualification etc.  

              Subdivision C--Other matters relating to disqualification

   126K.   Disqualified persons not to be trustees, investment managers or custodians of superannuation entities  
   126L.   Privilege against exposure to penalty--disqualification under section 126A, 126H or 130D  

           Division 4--Non-compliance not to invalidate appointment or transaction

   127.    Non-compliance not to invalidate appointment or transaction  

   PART 16--ACTUARIES AND AUDITORS OF SUPERANNUATION ENTITIES

           Division 1--Object of Part

   128.    Object of Part  

           Division 1A--Approved SMSF auditors

              Subdivision A--Registration of approved SMSF auditors

   128A.   Application for registration as an approved SMSF auditor  
   128B.   Registration as an approved SMSF auditor  
   128C.   Competency examinations  
   128D.   Conditions on registration  
   128E.   Cancelling registration  

              Subdivision B--Obligations of approved SMSF auditors

   128F.   Professional obligations of approved SMSF auditors  
   128G.   Annual statements  
   128H.   Notification of certain matters  

              Subdivision C--Registers

   128J.   Register of Approved SMSF Auditors  
   128K.   Register of Disqualified SMSF Auditors  

              Subdivision D--Fees

   128L.   Fees imposed under the Superannuation Auditor Registration Imposition Act 2012  
   128M.   Fees for inspection or search  

              Subdivision E--Miscellaneous

   128N.   ASIC may disclose information to the Commissioner of Taxation  
   128P.   Commissioner of Taxation may refer matters to ASIC  
   128Q.   Competency standards  

           Division 2--Obligations of actuaries and auditors

   129.    Obligations of actuaries and auditors--compliance  
   130.    Obligations of actuaries and auditors--solvency  
   130A.   Auditor or actuary may give information to the Regulator  
   130B.   Self incrimination  
   130BA.  Auditor must notify the Regulator of attempts to unduly influence etc. the auditor etc.  
   130BB.  Giving false or misleading information to auditor  
   130C.   Actuaries and auditors--failure to implement actuarial recommendations  

           Division 3--Disqualifying and removing actuaries and auditors

   130D.   Court power of disqualification  
   130E.   Court power to revoke or vary a disqualification etc.  
   130F.   Approved SMSF auditors--disqualification and suspension orders  
   131.    Actuaries--disqualification orders  
   131AA.  APRA may direct removal of auditor or actuary  

           Division 4--Offences and failure to carry out duties etc

   131A.   The Regulator may refer matters to a professional association  
   131B.   Offence of holding oneself out as an actuary or auditor  
   131C.   Disqualified persons not to be auditor or actuary of superannuation entities  

   PART 17--SUSPENSION OR REMOVAL OF TRUSTEE OF SUPERANNUATION ENTITY

   132.    Object of Part  
   133.    Suspension or removal of trustee of superannuation entity  
   134.    APRA to appoint acting trustee in cases of suspension or removal  
   135.    Terms and conditions of appointment of acting trustee  
   136.    Termination of appointment of acting trustee  
   137.    Resignation of acting trustee  
   138.    Property vesting orders  
   139.    Powers of acting trustee  
   139A.   Acting trustee authorised to offer a MySuper product  
   139B.   Acting trustee authorised to operate an eligible rollover fund  
   140.    Acting trustee to notify appointment to beneficiaries  
   141.    The Regulator may give directions to acting trustee  
   141A.   Property vested in acting trustee--former trustee's obligations relating to books, identification of property and transfer of property  
   142.    The Regulator may formulate a scheme for the winding-up or dissolution, or both, of a superannuation entity  

   PART 18--AMALGAMATION OF FUNDS

   143.    Object of Part  
   144.    Benefits may be transferred to a new fund with APRA's approval etc.  
   145.    Application for approval of transfer  
   146.    Approval of transfer  
   147.    Cessation of rights against transferor fund  

   PART 19--PUBLIC OFFER ENTITIES: PROVISIONS RELATING TO SUPERANNUATION INTERESTS

           Division 1--Preliminary

   151.    Contravention of Part does not affect validity of issue of superannuation interest etc.  

           Division 2--Issuing, offering etc

   152.    Limitation on issuing, offering etc. superannuation interests in public offer entities  
   154.    Commission and brokerage  
   155.    Fair dealing on issue or redemption of a superannuation interest  
   156.    Civil liability where subsection 155(2) contravened  

   PART 20--ADMINISTRATIVE DIRECTIONS AND PENALTIES FOR CONTRAVENTIONS RELATING TO SELF MANAGED SUPERANNUATION FUNDS

           Division 1--Object and scope of this Part

   157.    Object of this Part  
   158.    Scope of this Part  

           Division 2--Directions

   159.    Rectification direction  
   160.    Education direction  
   161.    Approval of courses of education  
   162.    Costs of course of education  
   163.    Variation or revocation on Regulator's own initiative  
   164.    Variation on request  
   165.    Taxation objection  

           Division 3--Administrative penalties

   166.    Administrative penalties in relation to self managed superannuation funds  
   167.    Administrative penalty and civil penalty  
   168.    Penalty must not be reimbursed from fund  
   169.    Joint and several liability of directors of corporate trustee liable to administrative penalty under section 166  

   PART 21--CIVIL AND CRIMINAL CONSEQUENCES OF CONTRAVENING CIVIL PENALTY PROVISIONS

           Division 1--Preliminary

   192.    Object of Part  
   193.    Civil penalty provisions  
   194.    Person involved in contravening a provision taken to have contravened the provision  
   195.    When a court is taken to find a person guilty of an offence  

           Division 2--Civil penalty orders

   196.    Court may make civil penalty orders  
   197.    Who may apply for civil penalty order  
   198.    Time limit for application  
   199.    Application for civil penalty order is a civil proceeding  
   200.    Enforcement of order to pay monetary penalty  
   201.    The Regulator may require a person to give assistance in connection with application for civil penalty order  

           Division 3--Criminal proceedings

   202.    When contravention of civil penalty provisions is an offence  
   203.    Application for civil penalty order precludes later criminal proceedings  

           Division 4--Effect of criminal proceedings on application for civil penalty order

   204.    When Division applies  
   205.    Effect during criminal proceedings  
   206.    Final outcome precluding applications for civil penalty order  
   207.    Final outcome not precluding application for civil penalty order  
   208.    After unsuccessful committal proceeding, court may preclude application for civil penalty order  
   209.    Application for civil penalty order based on alternative verdict at jury trial  
   210.    Application for civil penalty order based on alternative finding by court of summary jurisdiction  
   211.    Application for civil penalty order based on alternative finding by appeal court  
   212.    After setting aside declaration, court may preclude application for civil penalty order  
   213.    On unsuccessful appeal against declaration, Court may make civil penalty orders  
   214.    Appeals under this Division  

           Division 5--Compensation for loss suffered by superannuation entity

   215.    On application for civil penalty order, Court may order compensation  
   216.    Criminal court may order compensation  
   217.    Enforcement of order under section 215 or 216  
   218.    Recovery of profits, and compensation for loss, resulting from contravention  
   219.    Effect of sections 215, 216 and 218  
   220.    Certificates evidencing contravention  

           Division 6--Miscellaneous

   221.    Relief from liability for contravention of civil penalty provision  
   222.    Part does not limit power to award punitive damages  

   PART 22--INFRINGEMENT NOTICES

           Division 1--Overview

   223.    Simplified outline  
   223A.   Provisions subject to an infringement notice  
   223B.   Infringement officer  
   223C.   Chair of APRA may determine infringement officers  
   223D.   Relevant chief executive  

           Division 2--Infringement notices

   224.    When an infringement notice may be given  
   224A.   Matters to be included in an infringement notice  
   224B.   Extension of time to pay amount  
   224C.   Withdrawal of an infringement notice  
   224D.   Effect of payment of amount  
   224E.   Effect of this Part  

   PART 23--FINANCIAL ASSISTANCE TO CERTAIN FUNDS

           Division 1--Preliminary

   227.    Object of Part  
   228.    Interpretation  
   229.    Application for assistance  
   230.    Minister may request additional information  
   230A.   APRA to advise Minister in relation to application for assistance  

           Division 2--Determination of applications for financial assistance

   231.    Minister may grant financial assistance  
   232.    Maximum amount of financial assistance  
   233.    Financial assistance to be subject to conditions  

           Division 3--Repayment of financial assistance

   238.    Financial assistance to be repaid in certain circumstances  
   239.    Minister may remit liability  
   240.    Repayable grant to have priority over other debts  

   PART 24--ELIGIBLE ROLLOVER FUNDS

           Division 1--Preliminary

   241.    Object of this Part  
   242.    Interpretation  

           Division 2--Authority to operate an eligible rollover fund

              Subdivision A--Applying for authority

   242A.   Application for authority to operate an eligible rollover fund  
   242B.   Election to transfer amounts held in eligible rollover fund if authorisation cancelled  
   242C.   Election not to charge members of eligible rollover fund for payment of conflicted remuneration  
   242D.   APRA may request further information  
   242E.   Period for deciding applications for authority  

              Subdivision B--Authority

   242F.   Authority to operate an eligible rollover fund  
   242G.   Notice of authority  
   242H.   APRA to give notice of refusal of authority  

              Subdivision C--Cancelling authority

   242J.   Cancelling authority to operate eligible rollover fund  

              Subdivision D--Trustee obligations relating to eligible rollover funds

   242K.   Additional obligations of a trustee in relation to an eligible rollover fund  
   242L.   Additional obligations of a director of a corporate trustee in relation to an eligible rollover fund  
   242M.   Contravention of section 242K or 242L  
   242N.   Governing rules void to the extent that they are inconsistent with obligations under section 242K or 242L  

              Subdivision E--Miscellaneous

   242P.   Operating a fund as an eligible rollover fund when not authorised to do so  
   242Q.   Prudential standards dealing with amounts held in eligible rollover funds  
   242R.   No liability for giving effect to a section 242B election  

           Division 3--Facility to pay benefits to eligible rollover funds

   243.    Payment of benefits to eligible rollover fund  
   244.    Operating standards for transferor funds--information and records  
   248.    Claims for benefits  

   PART 24A--TRANSITIONAL PROVISIONS RELATING TO PRE-1 JULY 1995 AUTOMATIC ROLLOVERS OF BENEFITS BETWEEN FUNDS

   249.    Object of Part  
   250.    Definitions  
   251.    Rights of beneficiary to rolled-over benefits  
   252.    Claims to rolled-over benefits  

   PART 24B--PROVISIONS RELATING TO THE ADMINISTRATION BY APRA AND THE COMMISSIONER OF TAXATION OF SUPERANNUATION FUNDS WITH FEWER THAN 5 MEMBERS

           Division 1--Monitoring of superannuation funds with fewer than 5 members

   252A.   APRA or Commissioner of Taxation may request certain information  

           Division 3--Transitional and savings provisions relating to the regulation of self managed superannuation funds by the Commissioner of Taxation

   252D.   Definition  
   252E.   Instruments made or issued by APRA or by the Commissioner of Taxation  
   252F.   Obligations owed by or to APRA or the Commissioner of Taxation  
   252G.   Outstanding annual returns and amounts  
   252H.   Regulations  

   PART 25--MONITORING AND INVESTIGATION

           Division 1--Preliminary

   253.    Objects of Part  
   253A.   Notices may be given to former relevant persons  

           Division 2--Monitoring

   254.    Information to be given to Regulator  
   255.    Regulator may require production of books  
   256.    Access to premises  
   256A.   Alternative constitutional basis  

           Division 3--APRA may require trustee of superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity

   257.    Investigation of financial position of superannuation entity  
   258.    Qualifications of investigator or investigators  
   259.    APRA may veto appointment of investigator or investigators  
   260.    Deadline for receipt of report  
   261.    Contents of report etc.  
   262.    Trustee must comply with requirements  

           Division 3A--Regulator may accept and enforce undertakings

   262A.   Acceptance and enforcement of undertakings  

           Division 4--Investigations by Regulator

   263.    Investigations of superannuation entities, approved SMSF auditors and the conduct of certain audits  
   264.    Power of Regulator to obtain information or freeze assets  
   265.    Inspectors  
   266.    Delegation by inspector  
   267.    Regulator may exercise powers of inspector  
   268.    Inspector may enter premises for purposes of an investigation  
   269.    Inspector may require production of books  
   270.    Powers of inspector to require assistance from, and examine, current and former relevant persons and other persons  
   271.    Application for warrant to seize books not produced  
   272.    Grant of warrant  
   273.    Powers if books produced or seized  
   274.    Powers if books not produced  
   275.    Power to require person to identify property of superannuation entity  

           Division 5--Examinations

   276.    Application of Division  
   277.    Requirements made of an examinee  
   278.    Examination to be in private  
   279.    Examinee's lawyer may attend  
   280.    Record of examination  
   281.    Giving copies of record to other persons  
   282.    Copies given subject to conditions  
   283.    Record to accompany report  

           Division 6--Reports

   284.    Report of inspector  

           Division 7--Offences

   285.    Compliance with requirements made under this Act  
   286.    Concealing books relevant to investigation  
   287.    Self-incrimination  
   288.    Legal professional privilege  
   289.    Powers of Court where non-compliance with this Act  

           Division 8--Evidentiary use of certain material

   290.    Statements made at an examination: proceedings against examinee  
   291.    Statements made at an examination: other proceedings  
   292.    Weight of evidence admitted under section 291  
   293.    Objection to admission of statements made at examination  
   294.    Copies of, or extracts from, certain books  
   295.    Report under Division 6  
   296.    Exceptions to admissibility of report  
   297.    Material otherwise admissible  

           Division 9--Miscellaneous

   298.    Regulator may cause civil proceeding to be begun  
   298A.   Authorisation of members of staff  
   299.    Person complying with requirement not to incur liability to another person  

   PART 25A--TAX FILE NUMBERS

           Division 1--Quotation of employee's tax file number

   299A.   Employee may quote to employer  
   299B.   Employer may inform trustee of tax file number  
   299C.   Employer must inform trustee of tax file number  
   299CA.  Use of tax file number to validate information  

           Division 2--Quotation, use and transfer of beneficiary's tax file number

   299D.   Eligible superannuation entity or regulated exempt public sector superannuation scheme beneficiary, or applicant, may quote tax file number  
   299E.   Trustee may request beneficiary's or applicant's tax file number  
   299F.   Trustee must request person who is beneficiary at commencement to quote tax file number  
   299G.   Trustee must request person becoming beneficiary after commencement to quote tax file number  
   299H.   Use of tax file number for certain purposes--beneficiaries of eligible superannuation entities  
   299J.   Use of tax file number for certain purposes--beneficiaries of regulated exempt public sector superannuation scheme  
   299K.   Use of tax file number for certain purposes--applicants to become beneficiaries of eligible superannuation entities  
   299L.   Use of tax file number for certain purposes--applicants to become beneficiaries of regulated exempt public sector superannuation schemes  
   299LA.  Use of tax file number to locate amounts or for consolidation  
   299LB.  Use of tax file number to validate information  
   299M.   Trustee of eligible superannuation entity must inform RSA provider or other trustee of tax file number for certain purposes  
   299N.   Trustee of regulated exempt public sector superannuation scheme may inform RSA provider or other trustee of tax file number for certain purposes  
   299NA.  Portability forms  

           Division 3--Method of quotation of tax file numbers, including deemed quotation

   299P.   Method of quoting tax file number  
   299Q.   Employee taken to have quoted to trustee where trustee informed by employer  
   299R.   Beneficiary or applicant taken to have quoted to RSA provider or trustee  
   299S.   Person claiming benefit taken to have quoted to trustee where he or she provided tax file number in connection with claim  
   299SA.  Beneficiary taken to have quoted where Commissioner gives notice  
   299T.   Beneficiary taken to have quoted if he or she quoted for other purposes  

           Division 3A--Commissioner of Taxation may issue notices about tax file numbers

   299TA.  Effect of mistaken quotation of tax file number  
   299TB.  Effect of invalid quotation of tax file number  
   299TC.  Commissioner of Taxation may inform trustee of tax file number  
   299TD.  Validation notice--beneficiaries of eligible superannuation entities  
   299TE.  Validation notice--employees  
   299TF.  Commissioner of Taxation may provide electronic interface  

           Division 4--Provision of tax file numbers in forms etc

   299U.   Forms etc. may require tax file number  
   299V.   Failure to quote tax file number  

           Division 5--General

   299W.   Definitions  
   299X.   State insurance  
   299Y.   Trustee of former regulated exempt public sector superannuation scheme to destroy records of tax file numbers  
   299Z.   Transitional provisions  

   PART 26--OFFENCES RELATING TO STATEMENTS, RECORDS ETC.

   300.    Object of Part  
   301.    Interpretation  
   303.    Incorrectly keeping records etc.  
   306.    Incorrectly keeping or making records etc.  
   307.    Incorrectly keeping records with intention of deceiving or misleading etc.  
   308.    Falsifying or concealing identity with intention of deceiving or misleading etc.  

   PART 27--POWERS OF COURT

   309.    Object of Part  
   310.    Power to grant relief  
   311.    Power of Court to give directions with respect to meetings ordered by the Court  
   312.    Irregularities  
   313.    Power of Court to prohibit payment or transfer of money or property  
   314.    Court may order the disclosure of information or the publication of advertisements--contravention of provisions relating to issue of superannuation interests etc.  
   315.    Injunctions  
   316.    Effect of sections 313, 314 and 315  
   317.    Power of Court to punish for contempt of court  
   318.    Court may resolve transitional difficulties  

   PART 28--PROCEEDINGS

   319.    Object of Part  
   320.    Power of Regulator to intervene in proceedings  
   321.    Civil proceedings not to be stayed  
   322.    Standard of proof  
   323.    Relief from civil liability for contravention of certain provisions  
   324.    Evidence of contravention  
   324A.   Time for instituting criminal proceedings  
   325.    Vesting of property  

   PART 29--EXEMPTIONS AND MODIFICATIONS

   326.    Object of Part  
   327.    Interpretation  
   328.    Regulator's powers of exemption--modifiable provisions  
   330.    Regulator's powers of exemption--general issues  
   331.    Enforcement of conditions to which exemption is subject  
   332.    Regulator's powers of modification--modifiable provisions  
   334.    Regulator's powers of modification--general issues  
   335.    Variation and revocation of exemptions and modifications  
   336.    Notice of exemptions and modifications  

   PART 29A--PROTECTIONS IN RELATION TO INFORMATION

           Division 1--Protection for whistleblowers

   336A.   Disclosures qualifying for whistleblower protection  
   336B.   Whistleblower protection for disclosures that qualify  
   336C.   Victimisation of whistleblowers prohibited  
   336D.   Right to compensation  
   336E.   Confidentiality requirement for company, company officers and employees and auditors  

           Division 2--Self-incrimination

   336F.   Self-incrimination  

   PART 30--MISCELLANEOUS

   337.    Object of Part  
   337A.   Trustee may give effect to award made under arbitration agreement  
   338.    Conduct by directors, servants and agents  
   338A.   Liability of trustees required to ensure thing occurs  
   339.    Conviction does not relieve defendant from civil liability  
   341.    Civil immunity where defendant was complying with this Act  
   342.    Pre-1 July 88 funding credits and debits  
   343.    Rules against perpetuities not to apply to superannuation entity  
   344.    Review of certain decisions  
   345.    Statements to accompany notification of decisions  
   347.    How information may be given to the Commissioner of Taxation  
   347A.   The Regulator may collect statistical information  
   348.    The Regulator may publish statistical information  
   348A.   Quarterly reports about superannuation  
   349.    This Act and the regulations to be subject to certain superannuation orders  
   349A.   Payment out of a fund in accordance with the Bankruptcy Act 1966  
   349B.   Acquisition of property  
   350.    Concurrent operation of State/Territory laws  
   351.    Additional functions of the Chief Executive Medicare  
   353.    Regulations  

   PART 32--ADDITIONAL TRANSITIONAL PROVISIONS--TAX FILE NUMBERS

   381.    Object of Part  
   382.    Quotation of tax file number  
   383.    Pre-1 July 1994 quotation of tax file number to be treated as if made under provisions commencing on 1 July 1994  
   384.    Pre-1 July 1994 quotation of tax file number--request for quotation, or recording, of number not prohibited by the Taxation Administration Act 1953  
   385.    Pre-1 July 1994 quotation of tax file number--objects of tax file number system  

   PART 33--ADDITIONAL TRANSITIONAL PROVISIONS RELATING TO MYSUPER

           Division 1--Moving accrued default amounts to MySuper products

   386.    Object  
   387.    Election to transfer accrued default amounts  
   388.    Transfer to MySuper products  

           Division 2--Miscellaneous

   389.    Prudential standards dealing with transitional matters  
   390.    Regulations dealing with transitional, savings and application matters  

   PART 34--ADDITIONAL TRANSITIONAL PROVISIONS RELATING TO ELIGIBLE ROLLOVER FUNDS

   391.    Definitions  
   392.    Authority to operate an eligible rollover fund given before 1 January 2014  
   393.    Operation of existing ERFs after commencement  
   394.    Moving amounts held in existing ERFs  


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