Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 40

Notice about complying fund status

             (1)  The Regulator may give a written notice to a trustee of an entity stating:

                     (a)  whether the entity is or is not a complying superannuation fund; or

                     (b)  whether the entity is or is not a complying approved deposit fund; or

                     (c)  whether the entity is or is not a pooled superannuation trust;

as the case may be, in relation to a year of income specified in the notice.

Reasons

             (2)  If the Regulator gives a notice to a trustee of an entity stating that:

                     (a)  the entity is not a complying superannuation fund; or

                     (b)  the entity is not a complying approved deposit fund; or

                     (c)  the entity is not a pooled superannuation trust;

as the case may be, in relation to a year of income, the notice must set out the reasons why the Regulator so stated.

Commissioner of Taxation to be told about notice

             (3)  When the APRA gives a notice under this section, APRA must give particulars of the notice to the Commissioner of Taxation.

Note:          A statement of the tax file number of the entity may accompany the particulars of the notice. See subsection 299U(3).

Revocation

             (4)  If:

                     (a)  the Regulator gives a notice under this section (the original notice ) to a trustee of an entity stating that:

                              (i)  the entity is a complying superannuation fund; or

                             (ii)  the entity is a complying approved deposit fund; or

                            (iii)  the entity is a pooled superannuation trust;

                            as the case may be, in relation to a year of income; and

                     (b)  the Regulator subsequently gives a notice under this section (the second notice ) to a trustee of the entity stating that:

                              (i)  the entity is not a complying superannuation fund; or

                             (ii)  the entity is not a complying approved deposit fund; or

                            (iii)  the entity is not a pooled superannuation trust;

                            as the case may be, in relation to the year of income;

the second notice is taken to revoke the original notice.

Note:          Because "the Regulator" is whichever of APRA or the Commissioner of Taxation is administering this provision in respect of a fund, a notice could initially be given to a fund by APRA under paragraph 40(4)(a), and later the Commissioner of Taxation could give a notice to the same fund under paragraph 40(4)(b). This is because the fund could have become a self managed superannuation fund after the first notice was given.