SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 252F Obligations owed by or to APRA or the Commissioner of Taxation

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 252F

  (1)   Subject to section   252G, an obligation that:

  (a)   relates to a superannuation fund; and

  (b)   was owed by APRA, or to APRA, immediately before a particular time (the switching time ); and

  (c)   was owed (whether before, on or after the commencement day) under a provision of this Act that:

  (i)   immediately before the switching time, was administered by APRA in relation to the fund; and

  (ii)   as at the switching time, is administered by the Commissioner of Taxation in relation to the fund;

has effect, at and after the switching time (subject to any later application of this section), as if it had been owed by, or to, the Commissioner of Taxation.

Rights and powers of APRA

  (2)   Subject to section   252G, a right or power that:

  (a)   relates to a superannuation fund; and

  (b)   was possessed by, or conferred on, APRA immediately before a particular time (the switching time ); and

  (c)   was possessed or conferred (whether before, on or after the commencement day) under a provision of this Act that:

  (i)   immediately before the switching time, was administered by APRA in relation to the fund; and

  (ii)   as at the switching time, is administered by the Commissioner of Taxation in relation to the fund;

has effect, at and after the switching time (subject to any later application of this section), as if it had been possessed by, or conferred on, the Commissioner of Taxation.

Obligations owed by, or to, the Commissioner of Taxation

  (3)   An obligation that:

  (a)   relates to a superannuation fund; and

  (b)   was owed by the Commissioner of Taxation, or to the Commissioner of Taxation, immediately before a particular time (the switching time ); and

  (c)   was owed under a provision of this Act that:

  (i)   immediately before the switching time, was administered by the Commissioner of Taxation in relation to the fund; and

  (ii)   as at the switching time, is administered by APRA in relation to the fund;

has effect, at and after the switching time (subject to any later application of this section), as if it had been owed by, or to, APRA.

Rights and powers of the Commissioner of Taxation

  (4)   A right or power that:

  (a)   relates to a superannuation fund; and

  (b)   was possessed by, or conferred on, the Commissioner of Taxation immediately before a particular time (the switching time ); and

  (c)   was possessed or conferred under a provision of this Act that:

  (i)   immediately before the switching time, was administered by the Commissioner of Taxation in relation to the fund; and

  (ii)   as at the switching time, is administered by APRA in relation to the fund;

has effect, at and after the switching time (subject to any later application of this section), as if it had been possessed by, or conferred on, APRA.