Commonwealth Consolidated Acts

SUPERANNUATION LEGISLATION AMENDMENT ACT (NO. 3) 1999 - SCHEDULE 2

Australian Prudential Regulation Authority Act 1998

1 Subsection 56(1) (definition of protected document )

Omit all the words after "other than", substitute:

: (d) a document containing information that has already been lawfully made available to the public from other sources; or

(e)

a document given or produced under, or for the purposes of, a provision of the Superannuation Industry (Supervision) Act 1993 :

(i)

administered by the Commissioner of Taxation; or

(ii)

being applied for the purposes of the administration of a provision administered by the Commissioner of Taxation.

2 Subsection 56(1) (definition of protected information)

Omit all the words after "other than", substitute:

: (d) information that has already been lawfully made available to the public from other sources; or

(e)

information given or produced under, or for the purposes of, a provision of the Superannuation Industry (Supervision) Act 1993 :

(i)

administered by the Commissioner of Taxation; or

(ii)

being applied for the purposes of the administration of a provision administered by the Commissioner of Taxation.

Financial Institutions Supervisory Levies Collection Act 1998

3 Section 7 (paragraph (b) of the definition of superannuation entity )

Omit "an excluded superannuation fund", substitute "a self managed superannuation fund".

4 At the end of section 11

Add:

Note: Levy and late payment penalty may be payable to the Commissioner of Taxation because of section 252G of the Superannuation Industry (Supervision) Act 1993 .

Income Tax Assessment Act 1936

5 Subsection 160ZZPIA(5) (paragraph (a) of the definition of qualifying superannuation fund )

Omit "an excluded superannuation fund", substitute "a self managed superannuation fund".

6 At the end of section 161

Add:

(3)

Nothing in this section prevents an approval by the Commissioner of a form of return under section 36A of the Superannuation Industry

(Supervision)

Act 1993 from requiring or permitting a return under that section to be attached to, or physically to form part of, a return under this section.

Note: However, the rules applicable to a return under section 36A of the Superannuation Industry (Supervision) Act 1993 are those specified in that Act.

Superannuation (Excluded Funds) Supervisory Levy Imposition Act 1991

7 Section 1

Omit " (Excluded Funds) ", substitute " (Self Managed Superannuation Funds) ".

8 Section 4

Repeal the section.

9 Section 5

Omit " Excluded ", substitute " Self Managed Superannuation ".

10 Paragraphs 6(1)(a) and (b)

Repeal the paragraphs, substitute:

(a)

an amount (not exceeding $200) specified in regulations for the purposes of this subsection; and

(b)

if the return is not lodged by the date specified in the regulations in respect of a year of income—the late lodgment amount which the trustee is liable to pay under subsection 6(2) in relation to that return.

11 Subsections 6(2), (3), (4) and (5)

Repeal the subsections, substitute:

Late lodgment amount

(2)

The late lodgment amount in relation to a return is the amount (not exceeding $25) specified in regulations for the purposes of this subsection, in respect of:

(a)

the calendar month beginning on the day after the day on which the return was required to be lodged; and

(b)

each subsequent calendar month beginning before the day on which the return is lodged.

12 Subsections 7(2) and (3)

Repeal the subsections.

Superannuation (Excluded Funds) Taxation Act 1987

13 Section 1

Omit " (Excluded Funds) ", substitute " (Self Managed Superannuation Funds) ".

14 Section 3 (definition of APRA )

Repeal the definition.

15 Section 3 (definition of reviewable decision )

Omit "APRA", substitute "the Commissioner of Taxation".

16 Section 3 (definition of unit trust )

Repeal the definition.

17 Part III (heading)

Repeal the heading, substitute:

Part III—Functions of the Commissioner of Taxation
18 Section 9

Omit "APRA", substitute "the Commissioner of Taxation".

19 Part IIIAA (heading)

Repeal the heading, substitute:

Part IIIAA—Collection of superannuation (self managed funds) levy
20 Section 15DAA (definition of basic levy amount )

Repeal the definition.

21 Section 15DAA (definition of excluded superannuation fund )

Repeal the definition.

22 Section 15DAA (definition of levy )

Omit " Excluded Funds ", substitute " Self Managed Superannuation Funds ".

23 Section 15DAA (definition of minimum basic levy amount )

Repeal the definition.

24 Section 15DAA

Insert: