SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 34M Compliance requirement--trustees of eligible superannuation entities

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 34M

  (1)   Each trustee of an eligible superannuation entity must ensure that payments and information relating to a member of the eligible superannuation entity, or a person for whose benefit a contribution to the eligible superannuation entity is to be made, are dealt with in a manner that complies with any applicable:

  (a)   regulations made under this Part; and

  (b)   superannuation data and payment standards.

Note:   Section   288 - 110 in Schedule   1 to the Taxation Administration Act 1953 provides an administrative penalty for contravention of this subsection.

Strict liability offence

  (2)   A person commits an offence of strict liability if the person contravenes subsection   (1).

Penalty:   20 penalty units.

Note:   For offences of strict liability, see subsection   6.1(1) of the Criminal Code .

  (3)   A contravention of subsection   (1) does not affect the validity of a transaction.