Commonwealth Consolidated Regulations

OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS

- made under the Superannuation Entities (Taxation) Act 1987

TABLE OF PROVISIONS

   PART I--PRELIMINARY

   1.      Citation [see Note 1]  
   2.      Commencement  
   3.      Interpretation  
   3A.     Meaning of pooled superannuation trust  
   3B.     Vesting and payment standards: estimated earnings  
   3C.     Application of superannuation orders  
   3D.     Prescribed age: definition of superannuation fund -- subsection 3 (1)  
   3E.     Meaning of annuity -- subsection 3 (1) of the Act  
   3F.     Meaning of pension -- subsection 3 (1) of the Act  
   3G.     Periods when beneficiary may not receive benefits  
   4.      Approved auditors  

   PART IA--REASONABLE BENEFIT LIMITS

           Division 1--Preliminary

   4A.     Interpretation  
   4B.     Special rules relating to HAS  
   4C.     Indexation  
   4D.     Capital value of superannuation pensions  
   4DA.    Commissioner may determine standard indexation rate  

           Division 2--Information and time periods

   4E.     Extension of certain time periods  
   4F.     Information under section 15F of the Act  
   4G.     Information under section 15G of the Act  
   4H.     Prescribed amount -- subsection 15G (4) of Act  
   4J.     Information under section 15J of the Act  
   4K.     Periods for determination of reasonable benefit limits  
   4L.     Request for information by payers  

           Division 3--Interim determinations

   4M.     Interim determinations  
   4N.     Amendment of interim applications  

           Division 4--Determinations

   4P.     Amounts to be taken into account  
   4Q.     Amounts of ETP's paid by superannuation funds or approved deposit funds counted towards reasonable benefit limits  
   4R.     Amounts of superannuation pensions counted towards reasonable benefit limits  
   4S.     Amounts of ETP's paid by life assurance companies or registered organisations counted towards reasonable benefit limits  
   4T.     Amounts of annuities counted towards reasonable benefit limits  
   4U.     Amounts of ETP's paid by employers counted towards reasonable benefit limits  
   4UA.    Amount of ETP paid out of employee share participation scheme that counts towards RBL  
   4V.     Revised determinations  
   4W.     Determinations  
   4X.     Assessment of benefits against lump sum RBL  
   4Y.     Qualifying portion  
   4Z.     Assessment of benefits against pension RBL  
   4ZA.    Reasonable benefit limit where amount in approved deposit fund, life assurance company or registered organisation  
   4ZB.    Reasonable benefit limit where recipient member of certain fund on 15 August 1989  
   4ZD.    Information concerning determinations to be given on request  

   PART II--SUPERANNUATION FUNDS

           Division 1--General

   5AAA.   Standards: superannuation fund not to invite contributions etc unless prospectus filed  
   5AAB.   Meaning and interpretation of applied provisions  
   5AAC.   Standards: fund not to invite contributions etc on the basis of outdated prospectus  
   5AAD.   Standards: fund not to invite contributions etc if notice served in relation to registered prospectus  
   5AA.    Standards: acceptance of contributions by superannuation funds  
   5AB.    Standards: payment of benefits  
   5AC.    Standards: ages for payment of benefits  
   5.      Standards relating to liens over benefits  
   6.      Vesting or paying standards: funds in operation on certain dates  
   7.      Vesting standard: funds established on or after certain dates  
   8.      Vesting standards -- certain contributions to funds  
   8A.     Vesting standard: limitation on increases  
   9.      Preservation standards  
   10.     Preservation standard: relevant arrangements or agreements  
   11.     Preservation and portability standards  
   12.     Preservation standards not to apply in certain cases  
   13.     Standards relating to trustees -- large funds  
   14.     Standard relating to decisions by trustees  
   15.     Standards relating to trustees: small funds  
   16.     Investment standards  
   16A.    Investment standards: in-house assets  
   16B.    Prohibition on new in-house asset acquisitions  
   17.     Financial reports and disclosure of information standards  
   17A.    Standards -- members of superannuation fund ceasing to be entitled to benefits  
   18.     Matters to be included in governing rules of superannuation funds  
   18A.    Commutation factors  
   18BA.   Standards: prohibition on giving financial assistance to members or their relatives  
   18BB.   Standards: prohibition on intentional acquisition of assets in specified circumstances  

           Division 2--Information on fund management

              Subdivision A--Preliminary

   18C.    Interpretation  
   18D.    Prescribed standards and reporting periods  
   18DA.   Transitional -- certain provisions in regulations 18E and 18F  

              Subdivision B--Information about individuals

   18E.    Trustees of certain funds to disclose information in certain circumstances  
   18F.    Information to be disclosed to former members of funds  
   18G.    Regular reports to members of superannuation funds generally  

              Subdivision C--Information about multi-member funds

   18H.    Regular reports to members of multi-member funds  

              Subdivision D--Matters relating to certain reports

   18J.    Reports under regulation 18G or 18H to comply with certain requirements  
   18K.    Particulars of matters relating to reports under regulation 18H  

              Subdivision E--Information disclosed on request to fund members

   18L.    Information to be given to superannuation fund members generally  
   18M.    Information to be given to members of multi-member funds  
   18N.    When information is taken to have been disclosed to fund members  
   18P.    Trustees not obliged to disclose certain information more than once  

              Subdivision F--Information disclosed to employer-contributors or the Commissioner

   18Q.    Information to be given to an employer-contributor and to the Commissioner  
   18QA.   Notification of breach to employer sponsors: subsection 12 (3A) of the Act  
   18R.    Prescribed information: subsection 10 (1) of the Act  
   18S.    Information to be given to employer-contributors to defined benefit superannuation funds  

           Division 3--Defined Benefit Superannuation Funds

   18T.    Prescribed standards  
   18Y.    Rate of contributions: financial year 1993-94  

   PART III--APPROVED DEPOSIT FUNDS

   19.     Approved trustee  
   20.     Approved rules  
   21.     Preservation and portability standards  
   22.     Disclosure of information standards  
   23.     Matters to be included in governing rules of approved deposit funds  

   PART IIIA--POOLED SUPERANNUATION TRUSTS

   23A.    Interpretation of this Part  
   23B.    Operating standards  
   23C.    Eligible investor statement to be provided before becoming a holder of units in a pooled superannuation trust  
   23D.    Eligible investor statements  
   23E.    Eligible investors  
   23F.    Eligible investors: trustees of superannuation funds, approved deposit funds or pooled superannuation trusts: first and second year of income  
   23G.    Eligible investors: trustees of superannuation funds, approved deposit funds or pooled superannuation trusts: third or subsequent years of income: notice of compliance given  
   23H.    Eligible investors: trustees of superannuation funds, approved deposit funds or pooled superannuation trusts: notice of compliance or non-compliance not given  
   23J.    Requests for eligible investor statements  
   23K.    Failure to give eligible investor statement  
   23L.    Action by trustees of a pooled superannuation trust where a unit holder ceases to be an eligible investor  
   23M.    Register of unit holders  
   23N.    Audit  
   23P.    Requirements to be included in governing rules  

   PART 3B--PRE-1 JULY 1988 FUNDING CREDITS AND DEBITS

   23PA.   Interpretation  
   23PB.   Pre-1 July 88 funding amounts  
   23PC.   Shortfall-in-assets amount -- calculation  
   23PD.   Estimation of net market value of fund assets  
   23PE.   Value A of accrued benefits  
   23PF.   Value B of accrued benefits  
   23PG.   Calculation of value A or B of accrued benefits  
   23PH.   Date before which applications must be made  
   23PI.   Application fees  
   23PJ.   Prescribed events for the purposes of paragraph 15D (4) (a) of the Act  
   23PK.   Time and manner in which prescribed events must be notified to the Commissioner  
   23PL.   Transfer of PJFCs -- trustees of transferor funds  
   23PM.   Transfer of PJFCs -- trustees of transferee funds  
   23PN.   Transfer of PJFCs -- revocation of approval  
   23PO.   Transfer of PJFCs -- requirements to be satisfied  
   23PP.   Notice of reviewable decisions and reasons for those decisions  
   23PQ.   Reconsideration of certain decisions  
   23PR.   Review by Tribunal of reconsidered decisions  
   23PS.   Actuaries to certify in relation to determinations  
   23PT.   Substituted accounting periods  

   PART IV--MISCELLANEOUS

   23Q.    Keeping and retention of records  
   24.     Form of certificate by trustees and approved auditors  
   25.     Prescribed fees  
   25A.    Late lodgment fees  
   26.     Payment of tax  
           SCHEDULE
           SCHEDULE 1A Payment limits
           SCHEDULE 2 Calculation of old RBM
           SCHEDULE 3 Pension valuation factors
           SCHEDULE 4 Prescribed information under section 15F of the Act
           SCHEDULE 5 Prescribed information under subsections 15G (1) and (3) and 15J (2) of the Act
           SCHEDULE 6 Prescribed information on benefits paid between 16 February 1990 and 30 June 1990
           SCHEDULE 7 Prescribed information on roll-overs
           SCHEDULE 8 Abridged financial information
           SCHEDULE 9 Forms