Commonwealth Consolidated Regulations Commonwealth Consolidated RegulationsStatutory Rules 1987 No. 322 as amended
This compilation was prepared on 4
February 2004
taking into account amendments up to SR 1993 No. 323
Prepared by the Office of
Legislative Drafting
Attorney-General's Department, Canberra
Contents
Page
Part I Preliminary
1 Citation [see Note 1] 8
2 Commencement 8
3 Interpretation 8
3A Meaning of pooled superannuation trust 16
3B Vesting and payment standards: estimated earnings 17
3C Application of superannuation orders 18
3D Prescribed age: definition of superannuation fund -- subsection 3 (1) 18
3E Meaning of annuity -- subsection 3 (1) of the Act 18
3F Meaning of pension -- subsection 3 (1) of the Act 23
3G Periods when beneficiary may not receive benefits 27
4 Approved auditors 27
Part IA Reasonable benefit limits
Division 1 Preliminary
4A Interpretation 30
4B Special rules relating to HAS 38
4C Indexation 42
4D Capital value of superannuation pensions 43
4DA Commissioner may determine standard indexation rate 45
Division 2 Information and time periods
4E Extension of certain time periods 45
4F Information under section 15F of the Act 45
4G Information under section 15G of the Act 46
4H Prescribed amount -- subsection 15G (4) of Act 47
4J Information under section 15J of the Act 47
4K Periods for determination of reasonable benefit limits 47
4L Request for information by payers 49
Division 3 Interim determinations
4M Interim determinations 50
4N Amendment of interim applications 51
Division 4 Determinations
4P Amounts to be taken into account 53
4Q Amounts of ETP's paid by superannuation funds or approved deposit funds counted towards reasonable benefit limits 58
4R Amounts of superannuation pensions counted towards reasonable benefit limits 59
4S Amounts of ETP's paid by life assurance companies or registered organisations counted towards reasonable benefit limits 60
4T Amounts of annuities counted towards reasonable benefit limits 60
4U Amounts of ETP's paid by employers counted towards reasonable benefit limits 61
4UA Amount of ETP paid out of employee share participation scheme that counts towards RBL 62
4V Revised determinations 62
4W Determinations 63
4X Assessment of benefits against lump sum RBL 64
4Y Qualifying portion 67
4Z Assessment of benefits against pension RBL 68
4ZA Reasonable benefit limit where amount in approved deposit fund, life assurance company or registered organisation 68
4ZB Reasonable benefit limit where recipient member of certain fund on 15 August 1989 70
4ZD Information concerning determinations to be given on request 71
Part II Superannuation funds
Division 1 General
5AAA Standards: superannuation fund not to invite contributions etc unless prospectus filed 72
5AAB Meaning and interpretation of applied provisions 73
5AAC Standards: fund not to invite contributions etc on the basis of outdated prospectus 75
5AAD Standards: fund not to invite contributions etc if notice served in relation to registered prospectus 75
5AA Standards: acceptance of contributions by superannuation funds 76
5AB Standards: payment of benefits 77
5AC Standards: ages for payment of benefits 77
5 Standards relating to liens over benefits 79
6 Vesting or paying standards: funds in operation on certain dates 80
7 Vesting standard: funds established on or after certain dates 82
8 Vesting standards -- certain contributions to funds 83
8A Vesting standard: limitation on increases 83
9 Preservation standards 84
10 Preservation standard: relevant arrangements or agreements 86
11 Preservation and portability standards 86
12 Preservation standards not to apply in certain cases 88
13 Standards relating to trustees -- large funds 89
14 Standard relating to decisions by trustees 91
15 Standards relating to trustees: small funds 91
16 Investment standards 93
16A Investment standards: in-house assets 94
16B Prohibition on new in-house asset acquisitions 100
17 Financial reports and disclosure of information standards 100
17A Standards -- members of superannuation fund ceasing to be entitled to benefits 104
18 Matters to be included in governing rules of superannuation funds 105
18A Commutation factors 107
18BA Standards: prohibition on giving financial assistance to members or their relatives 118
18BB Standards: prohibition on intentional acquisition of assets in specified circumstances 119
Division 2 Information on fund management
Subdivision A Preliminary
18C Interpretation 121
18D Prescribed standards and reporting periods 122
18DA Transitional -- certain provisions in regulations 18E and 18F 122
Subdivision B Information about individuals
18E Trustees of certain funds to disclose information in certain circumstances 123
18F Information to be disclosed to former members of funds 128
18G Regular reports to members of superannuation funds generally 129
Subdivision C Information about multi-member funds
18H Regular reports to members of multi-member funds 131
Subdivision D Matters relating to certain reports
18J Reports under regulation 18G or 18H to comply with certain requirements 136
18K Particulars of matters relating to reports under regulation 18H 139
Subdivision E Information disclosed on request to fund members
18L Information to be given to superannuation fund members generally 141
18M Information to be given to members of multi-member funds 141
18N When information is taken to have been disclosed to fund members 142
18P Trustees not obliged to disclose certain information more than once 142
Subdivision F Information disclosed to employer-contributors or the Commissioner
18Q Information to be given to an employer-contributor and to the Commissioner 143
18QA Notification of breach to employer sponsors: subsection 12 (3A) of the Act 144
18R Prescribed information: subsection 10 (1) of the Act 145
18S Information to be given to employer-contributors to defined benefit superannuation funds 145
Division 3 Defined Benefit Superannuation Funds: Certificates of Contribution and Solvency
18T Prescribed standards 146
18Y Rate of contributions: financial year 1993-94 146
Part III Approved deposit funds
19 Approved trustee 148
20 Approved rules 148
21 Preservation and portability standards 150
22 Disclosure of information standards 152
23 Matters to be included in governing rules of approved deposit funds 154
Part IIIA Pooled superannuation trusts
23A Interpretation of this Part 157
23B Operating standards 158
23C Eligible investor statement to be provided before becoming a holder of units in a pooled superannuation trust 158
23D Eligible investor statements 159
23E Eligible investors 160
23F Eligible investors: trustees of superannuation funds, approved deposit funds or pooled superannuation trusts: first and second year of income 160
23G Eligible investors: trustees of superannuation funds, approved deposit funds or pooled superannuation trusts: third or subsequent years of income: notice of compliance given 161
23H Eligible investors: trustees of superannuation funds, approved deposit funds or pooled superannuation trusts: notice of compliance or non-compliance not given 162
23J Requests for eligible investor statements 163
23K Failure to give eligible investor statement 165
23L Action by trustees of a pooled superannuation trust where a unit holder ceases to be an eligible investor 165
23M Register of unit holders 167
23N Audit 167
23P Requirements to be included in governing rules 167
Part 3B Pre-1 July 1988 funding credits and debits
23PA Interpretation 168
23PB Pre-1 July 88 funding amounts 168
23PC Shortfall-in-assets amount -- calculation 169
23PD Estimation of net market value of fund assets 171
23PE Value A of accrued benefits 171
23PF Value B of accrued benefits 173
23PG Calculation of value A or B of accrued benefits 174
23PH Date before which applications must be made 176
23PI Application fees 176
23PJ Prescribed events for the purposes of paragraph 15D (4) (a) of the Act 177
23PK Time and manner in which prescribed events must be notified to the Commissioner 177
23PL Transfer of PJFCs -- trustees of transferor funds 178
23PM Transfer of PJFCs -- trustees of transferee funds 178
23PN Transfer of PJFCs -- revocation of approval 180
23PO Transfer of PJFCs -- requirements to be satisfied 180
23PP Notice of reviewable decisions and reasons for those decisions 181
23PQ Reconsideration of certain decisions 182
23PR Review by Tribunal of reconsidered decisions 182
23PS Actuaries to certify in relation to determinations 183
23PT Substituted accounting periods 183
Part IV Miscellaneous
23Q Keeping and retention of records 184
24 Form of certificate by trustees and approved auditors 184
25 Prescribed fees 185
25A Late lodgment fees 185
26 Payment of tax 185
Schedule 186
Schedule 1A Payment limits 190
Schedule 2 Calculation of old RBM 195
1 Interpretation 195
2 Base old RBM 198
3 When greater old RBM applicable 198
4 Old RBM -- defined benefits 199
5 Old RBM -- non-defined benefits 199
6 Calculation method 1 -- non-defined benefits 200
7 Calculation method 2 -- non-defined benefits 202
8 Mixed benefits 204
9 Adjustment of old RBM for early retirement 205
10 Conversion to multiple of HAS 205
Schedule 3 Pension valuation factors 207
Schedule 4 Prescribed information under section 15F of the Act 212
Schedule 5 Prescribed information under subsections 15G (1) and (3) and 15J (2) of the Act 213
Schedule 6 Prescribed information on benefits paid between 16 February 1990 and 30 June 1990 217
Schedule 7 Prescribed information on roll-overs 220
Schedule 8 Abridged financial information 221
Schedule 9 Forms 223