SUPERANNUATION (SELF MANAGED SUPERANNUATION FUNDS) TAXATION ACT 1987

This compilation was prepared on 28 September 2007
taking into account amendments up to Act No. 154 of 2007

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General's Department, Canberra

An Act relating to taxation in respect of certain superannuation funds, and for related purposes

Notes to the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987

Note 1

The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 as shown in this compilation comprises Act No. 97, 1987 amended as indicated in the Tables below.

The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 was modified by the Superannuation Industry (Supervision) (Transitional Provisions) Regulations (1993 No. 352 as amended). The modifications made by the Regulations are not incorporated in this compilation.

The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 was modified by the Superannuation Industry (Supervision) Regulations (1994 No. 57 as amended). The modifications made by the Regulations are not incorporated in this compilation.

All relevant information pertaining to application, saving or transitional provisions prior to 8 October 1999 is not included in this compilation. For subsequent information see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Occupational Superannuation Standards Act 1987	97, 1987	5 Nov 1987	21 Dec 1987 (see Gazette 1987, No. S347)
Taxation Laws Amendment Act (No. 4) 1987	138, 1987	18 Dec 1987	S. 6 and Parts IV, V (ss. 63-88): (a) Remainder: Royal Assent	--
Taxation Laws Amendment Act (No. 2) 1989	97, 1989	30 June 1989	30 June 1989	--
Taxation Laws Amendment (Superannuation) Act 1989	105, 1989	30 June 1989	S. 5(o): 18 Dec 1987 Remainder: (b)	--
Occupational Superannuation (Reasonable Benefit Limits) Amendment Act 1990	61, 1990	16 June 1990	Ss. 3-6 and 8-12: 1 July 1990 (c) S. 7: 30 June 1989 (c)	--
Taxation Laws Amendment Act (No. 5) 1990	135, 1990	28 Dec 1990	Part 4 (ss. 34-36): 25 Jan 1991 (d)	--
Occupational Superannuation Laws Amendment Act 1991	55, 1991	24 Apr 1991	24 Apr 1991	Ss. 26-31
Taxation Laws Amendment Act (No. 3) 1991	216, 1991	24 Dec 1991	Ss. 106, 108 and 109: Royal Assent (e) S. 107: 24 June 1992 (e)	--
Superannuation Guarantee (Consequential Amendments) Act 1992	92, 1992	30 June 1992	1 July 1992	--
Taxation Laws Amendment Act (No. 3) 1992	98, 1992	30 June 1992	Ss. 32-36: 1 July 1992 Remainder: Royal Assent	Ss. 87(2), (3) and 88 (2), (3)
Taxation Laws Amendment (Superannuation) Act 1992	208, 1992	22 Dec 1992	Ss. 1-3, 7-18, 34-46, 62, 63 and 72-93: Royal Assent Remainder: 1 July 1994	Ss. 69(2), (3), 71, 73 and 76 S. 69(1) (am. by 82, 1993, s. 79) S. 69(4) (ad. by 208, 1993, s. 79)
as amended by
Superannuation Industry (Supervision) Consequential Amendments Act 1993	82, 1993	30 Nov 1993	Ss. 1, 2, 14, 16(2), 41, 42, 45, 46, 48(1) and 52-64: 1 Dec 1993 Remainder: 1 July 1994	--
Taxation Laws Amendment (Superannuation) Act 1993	7, 1993	27 May 1993	Ss. 44-46 and 49-55: Royal Assent (f) Ss. 47 and 48: 30 July 1993 (see Gazette 1993, No. S230) (f)	Ss. 46, 48, 49 and 55
Occupational Superannuation Standards Amendment Act 1993	84, 1993	30 Nov 1993	(g)	Ss. 16 and 23
Taxation Laws Amendment Act (No. 3) 1993	118, 1993	24 Dec 1993	Part 6 (ss. 121-124): Royal Assent (h)	Ss. 122 and 124
Superannuation Laws Amendment (Small Accounts and Other Measures) Act 1995	53, 1995	23 June 1995	1 July 1995	--
Superannuation Industry (Supervision) Legislation Amendment Act 1995	144, 1995	12 Dec 1995	Schedule 3: (i)	--
Taxation Laws Amendment Act (No. 2) 1995	169, 1995	16 Dec 1995	Schedule 2 (Part 3) and Schedule 5: Royal Assent (j)	Sch. 5 (items 9, 10)
Workplace Relations and Other Legislation Amendment Act 1996	60, 1996	25 Nov 1996	Schedule 19 (item 37): Royal Assent (k)	S. 2(2) and (6) (am. by 77, 1996, Sch. 3 [items 1, 2])
as amended by
Workplace Relations and Other Legislation Amendment Act (No. 2) 1996	77, 1996	19 Dec 1996	Schedule 3 (items 1, 2): (l)	--
Retirement Savings Accounts (Consequential Amendments) Act 1997	62, 1997	28 May 1997	2 June 1997 (see s. 2 and Gazette 1997, No. S202)	--
Financial Sector Reform (Amendments and Transitional Provisions) Act 1998	54, 1998	29 June 1998	Schedule 18 (items 5-35): 1 July 1998 ( see Gazette 1998, No. S316) (m)	--
Taxation Laws Amendment Act (No. 3) 1999	11, 1999	31 Mar 1999	Schedule 1 (items 342, 343): 1 July 1999 (n)	¾
as amended by
Taxation Laws Amendment Act (No. 3) 2003	101, 2003	14 Oct 2003	Schedule 6 (item 38): (o)	--
Superannuation Legislation Amendment Act (No. 3) 1999	121, 1999	8 Oct 1999	Schedule 2 (items 13-37, 42(1)): Royal Assent (p)	Sch. 2 (item 42(1)) [see Table A]
as amended by
Taxation Laws Amendment Act (No. 3) 2003	101, 2003	14 Oct 2003	Schedule 6 (item 31): (q)	--
Tax Laws Amendment (Simplified Superannuation) Act 2007	9, 2007	15 Mar 2007	Schedule 5 (items 24-30): Royal Assent	--
Superannuation Legislation Amendment (Simplification) Act 2007	15, 2007	15 Mar 2007	Schedule 3 (items 55-57): Royal Assent	Sch. 3 (item 57) [see Table A]
Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007	154, 2007	24 Sept 2007	Schedule 3 (item 13): Royal Assent	--

(a) Subsection 2(2) of the Taxation Laws Amendment Act (No. 4) 1987 provides as follows:

(2) Section 6 and Parts IV and V shall come into operation immediately after the commencement of the Occupational Superannuation Standards Act 1987.

The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 came into operation on 21 December 1987 (see Gazette 1987, No. S347).

(b) Subsection 2(1) of the Taxation Laws Amendment (Superannuation) Act 1989 provides as follows:

(1) Subject to this section, this Act commences, or shall be taken to have commenced, as the case requires, immediately after the commencement of the Taxation Laws Amendment Act (No. 2) 1989.

The Taxation Laws Amendment Act (No. 2) 1989 came into operation on 30 June 1989.

(c) The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 was amended by sections 3-12 only of the Occupational Superannuation (Reasonable Benefit Limits) Amendment Act 1990, subsections 2(2) and (4) of which provide as follows:

(2) Section 7 is taken to have commenced on 30 June 1989.

(4) The remaining provisions of this Act commence on 1 July 1990.

(d) The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 was amended by Part 4 (sections 34-36) only of the Taxation Laws Amendment Act (No. 5) 1990, subsection 2(2) of which provides as follows:

(2) Part 4 commences on the 28th day after the day on which this Act receives the Royal Assent.

(e) The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 was amended by sections 106-109 only of the Taxation Laws Amendment Act (No. 3) 1991, subsections 2(1) and (8) of which provide as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(8) If section 107 does not commence under subsection (7) within the period of 6 months beginning on the day on which this Act receives the Royal Assent, it commences on the first day after the end of that period.

(f) The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 was amended by sections 44-55 only of the Taxation Laws Amendment (Superannuation) Act 1993, subsections 2(1) and (4) of which provide as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(4) Sections 47 and 48 commence on a day to be fixed by Proclamation.

(g) Subsections 2(1) and (2) of the Occupational Superannuation Standards Amendment Act 1993 provide as follows:

(1) Parts 1 and 2 commence immediately after the commencement of the amendments made by Division 2 of Part 3 of the Taxation Laws Amendment (Superannuation) Act 1992.

(2) Parts 3 and 4 commence immediately after the commencement of the amendments made by Part 2.

Division 2 of Part 3 commenced on 1 July 1994.

(h) The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 was amended by Part 6 (sections 121-124) only of the Taxation Laws Amendment Act (No. 3) 1993, subsection 2(1) of which provides as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(i) The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 was amended by Schedule 3 only of the Superannuation Industry (Supervision) Legislation Amendment Act 1995, subsection 2(2) of which provides as follows:

(2) Subsection 4(3), Schedule 3 and items 3, 4, 8, 9, 14 to 21, 76, 82 and 85 of Schedule 4 commence:

(a) on the day on which this Act receives the Royal Assent; or

(b) immediately after the beginning of the day on which the Taxation Laws Amendment Act (No. 2) 1995 receives the Royal Assent;

whichever is the later to occur of those times.

The Taxation Laws Amendment Act (No. 2) 1995 received the Royal Assent on 16 December 1995.

(j) The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 was amended by Schedule 2 (Part 3) and Schedule 5 only of the Taxation Laws Amendment Act (No. 2) 1995, subsection 2(1) of which provides as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(k) The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 was amended by Schedule 19 (item 37) only of the Workplace Relations and Other Legislation Amendment Act 1996, subsection 2(1) of which provides as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(l) The Workplace Relations and Other Legislation Amendment Act 1996 was amended by Schedule 3 (items 1 and 2) only of the Workplace Relations and Other Legislation Amendment Act (No. 2) 1996, subsection 2(4) of which provides as follows:

(4) The items of Schedule 3 are taken to have commenced immediately after the Workplace Relations and Other Legislation Amendment Act 1996 received the Royal Assent.

The Workplace Relations and Other Legislation Amendment Act 1996 received the Royal Assent on 19 December 1996.

(m) The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 was amended by Schedule 18 (items 5-35) only of the Financial Sector Reform (Amendments and Transitional Provisions) Act 1998, subsection 2(2)(p) of which provides as follows:

(2) The following provisions of this Act commence on the commencement of the Australian Prudential Regulation Authority Act 1998:

(p) Schedule 18, other than the items amending the Australian Prudential Regulation Authority Act 1998.

(n) The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 was amended by Schedule 1 (items 342 and 343) only of the Taxation Laws Amendment Act (No. 3) 1999, subsection 2(3) of which provides as follows:

(3) Subject to subsections (4) and (5), Schedule 1 commences on 1 July 1999.

(o) Subsection 2(1) (item 33) of the Taxation Laws Amendment Act (No. 3) 2003 provides as follows:

(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, on the day or at the time specified in column 2 of the table.

Commencement information
Column 1	Column 2	Column 3
Provision(s)	Commencement	Date/Details
33. Schedule 6, item 38	Immediately after the time specified in the Taxation Laws Amendment Act (No. 3) 1999 for the commencement of item 342 of Schedule 1 to that Act	1 July 1999

(p) The Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 was amended by Schedule 2 (items 13-37) only of the Superannuation Legislation Amendment Act (No. 3) 1999, subsection 2(1) of which provides as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(q) Subsection 2(1) (item 27) of the Taxation Laws Amendment Act (No. 3) 2003 provides as follows:

(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, on the day or at the time specified in column 2 of the table.

Provision(s)	Commencement	Date/Details
27. Schedule 6, item 31	Immediately after the time specified in the Superannuation Legislation Amendment Act (No. 3) 1999 for the commencement of item 34 of Schedule 2 to that Act	8 October 1999

Table of Amendments

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
Title......................................	am. No. 97, 1989; No. 84, 1993; No. 62, 1997; No. 54, 1998
Part I
S. 1......................................	am. No. 84, 1993; No. 54, 1998; No. 121, 1999
S. 3......................................	am. No. 138, 1987; Nos. 97 and 105, 1989; No. 61, 1990; No.55, 1991; Nos. 92 and 208, 1992; Nos. 7, 84 and 118, 1993; No. 53, 1995; No. 62, 1997; No. 54, 1998; No. 121, 1999
S. 3A...................................	ad. No. 97, 1989
	am. No. 55, 1991
S. 4......................................	am. No. 138, 1987; No. 97, 1989
	rep. No. 84, 1993
Ss. 5, 6................................	am. No. 138, 1987
	rep. No. 84, 1993
S. 6A...................................	ad. No. 97, 1989
	rep. No. 84, 1993
Heading to Part II.................	am. No. 97, 1989
	rep. No. 84, 1993
Part II ..................................	rep. No. 84, 1993
S. 7......................................	am. No. 138, 1987; Nos. 97 and 105, 1989; No. 61, 1990; No. 208, 1992
	rep. No. 84, 1993
S. 8......................................	am. No. 138, 1987; Nos. 97 and 105, 1989; No. 61, 1990
	rep. No. 84, 1993
S. 8A...................................	ad. No. 97, 1989
	am. No. 105, 1989
	rep. No. 84, 1993
Part III
Heading to Part III.................	rs. No. 54, 1998; No. 121, 1999
S. 9......................................	am. No. 54, 1998; No. 121, 1999
Part IIIAAA ..........................	ad. No. 62, 1997
	rep. No. 54, 1998
S. 10....................................	am. No. 138, 1987; No. 97, 1989; No. 92, 1992
	rep. No. 84, 1993
	ad. No. 62, 1997
	rep. No. 54, 1998
S. 11....................................	am. No. 138, 1987; No. 97, 1989
	rep. No. 84, 1993
	ad. No. 62, 1997
	rep. No. 54, 1998
S. 12....................................	am. No. 138, 1987; No. 55, 1991; No. 92, 1992; No. 7, 1993
	rep. No. 84, 1993
	ad. No. 62, 1997
	rep. No. 54, 1998
S. 12A.................................	ad. No. 7, 1993
	rep. No. 84, 1993
S. 13....................................	am. No. 55, 1991
	rep. No. 84, 1993
	ad. No. 62, 1997
	rep. No. 54, 1998
S. 14....................................	am. No. 138, 1987; No. 55, 1991
	rep. No. 84, 1993
	ad. No. 62, 1997
	rep. No. 54, 1998
S. 15....................................	am. No. 55, 1991
	rep. No. 84, 1993
	ad. No. 62, 1997
	rep. No. 54, 1998
S. 15A.................................	ad. No. 138, 1987
	rep. No. 84, 1993
	ad. No. 62, 1997
	rep. No. 54, 1998
Ss. 15B, 15C.......................	ad. No. 97, 1989
	am. No. 55, 1991
	rep. No. 84, 1993
	ad. No. 62, 1997
	rep. No. 54, 1998
S. 15CA...............................	ad. No. 55, 1991
	rep. No. 84, 1993
S. 15D.................................	ad. No. 105, 1989
	am. No. 61, 1990; No. 216, 1991
	rep. No. 84, 1993
Part IIIAA
Heading to Part IIIAA...........	rs. No. 54, 1998; No. 121, 1999
Part IIIAA ............................	ad. No. 55, 1991
S. 15DAA............................	ad. No. 84, 1993
	am. Nos. 144 and 169, 1995; No. 54, 1998; No. 121, 1999; No. 9, 2007
S. 15DA...............................	ad. No. 55, 1991
	rs. No. 84, 1993
	am. No. 54, 1998; No. 121, 1999; No. 154, 2007
S. 15DB...............................	ad. No. 55, 1991
	rs. No. 169, 1995
	am. No. 54, 1998; No. 121, 1999
S. 15DC...............................	ad. No. 55, 1991
	am. No. 169, 1995; No. 121, 1999
	rs. No. 9, 2007
S. 15DD...............................	ad. No. 55, 1991
	rs. No. 9, 2007
	rep. No. 15, 2007
S. 15DE...............................	ad. No. 55, 1991
	am. No. 54, 1998; No. 121, 1999; No. 9, 2007
	rep. No. 15, 2007
Note to s. 15DE...................	ad. No. 121, 1999
	am. No. 9, 2007
	rep. No. 15, 2007
S. 15DF...............................	ad. No. 55, 1991
	am. No. 169, 1995; No. 54, 1998; No. 121, 1999
	rs. No. 9, 2007
S. 15DG...............................	ad. No. 55, 1991
	am. No. 54, 1998
	rep. No. 11, 1999
S. 15DH...............................	ad. No. 55, 1991
Part IIIAB .............................	ad. No. 84, 1993
	rep. No. 54, 1998
Ss. 15DI-15DS....................	ad. No. 84, 1993
	rep. No. 54, 1998
Part IIIAC .............................	ad. No. 84, 1993
	rep. No. 53, 1995
Ss. 15DT-15DZ...................	ad. No. 84, 1993
	rep. No. 53, 1995
Ss.15DZA, 15DZB..............	ad. No. 84, 1993
	rep. No. 53, 1995
Part IIIA ...............................	ad. No. 61, 1990
	rep. No. 208, 1992
S. 15E..................................	ad. No. 61, 1990
	am. No. 135, 1990; No. 216, 1991
	rep. No. 208, 1992
S. 15F..................................	ad. No. 61, 1990
	am. No. 55, 1991
	rep. No. 208, 1992
S. 15G.................................	ad. No. 61, 1990
	am. No. 55, 1991; No. 7, 1993
	rep. No. 208, 1992
S. 15H.................................	ad. No. 61, 1990
	am. No. 135, 1990
	rep. No. 208, 1992
Ss. 15J-15L........................	ad. No. 61, 1990
	rep. No. 208, 1992
Ss. 15M, 15N.......................	ad. No. 61, 1990
	am. No. 98, 1992
	rep. No. 208, 1992
S. 15P..................................	ad. No. 61, 1990
	rep. No. 208, 1992
S. 15Q.................................	ad. No. 61, 1990
	am. No. 55, 1991; No. 98, 1992
	rep. No. 208, 1992
S. 15R.................................	ad. No. 61, 1990
	rep. No. 208, 1992
S. 15S.................................	ad. No. 61, 1990
	am. No. 216, 1991
	rep. No. 208, 1992
Ss. 15T-15V.......................	ad. No. 61, 1990
	rep. No. 208, 1992
Part IV
S. 16....................................	am. Nos. 97 and 105, 1989; No. 61, 1990; No. 55, 1991; Nos. 98 and 208, 1992; Nos. 7 and 84, 1993; No. 62, 1997; No. 54, 1998; No. 121, 1999
S. 17....................................	am. No. 97, 1989; No. 61, 1990; No. 208, 1992; No. 84, 1993; No. 62, 1997; No. 54, 1998; No. 121, 1999
S. 18....................................	am. No. 138, 1987; No. 92, 1992; No. 7, 1993
	rep. No. 84, 1993
S. 18A.................................	ad. No. 98, 1992
	rep. No. 84, 1993
S. 19....................................	am. No. 97, 1989; No. 61, 1990
	rep. No. 84, 1993
S. 20....................................	am. No. 138, 1987; No. 84, 1993
	rep. No. 54, 1998
S. 21....................................	am. No. 138, 1987
	rep. No. 84, 1993
	ad. No. 169, 1995
	rep. No. 54, 1998
S. 22....................................	am. No. 61, 1990; No. 55, 1991; No. 208, 1992; No. 84, 1993; No. 53, 1995; No. 62, 1997; No. 54, 1998; No. 121, 1999

Commonwealth Consolidated Acts

SUPERANNUATION (SELF MANAGED SUPERANNUATION FUNDS) TAXATION ACT 1987 - NOTES