Commonwealth Consolidated Regulations Commonwealth Consolidated RegulationsPart 1 Unmodified provisions
1. Subsections
3 (2), (4) and (5)
2. Section 7
3. Subsections 16 (2), (7), (8)
and (9)
Part 2 Modified provisions
| Column 1 | Column 2 |
|---|---|
| Applied Provision |
Modification |
| Subsection 3 (1): | Omit the definition of reviewable
decision , substitute: |
| ` reviewable decision means a decision of APRA: | |
| (a) refusing to give an exemption under section 12A in relation to a fund; | |
| (b) to vary or revoke an exemption under section 12A in relation to a
fund; | |
| (c) refusing an application for the variation or revocation of an
exemption under section 12A in relation to a fund; | |
| (d) to make a
determination under section 12A in relation to a fund; | |
| (e) to vary or revoke
a determination under section 12A in relation to a fund; | |
| (f) refusing
an application for the variation or revocation of a determination under
section 12A in relation to a fund.' | |
| Subsection 3 (1): | Insert the
following definitions: |
| ` pre-lodgment period has the meaning given by
subregulation 3 (1) of the
Superannuation Industry (Supervision) (Transitional Provisions) Regulations. | |
| SIS (TP) Regulations means the Superannuation Industry (Supervision)
(Transitional Provisions) Regulations. | |
| the unmodified Act means the
Occupational Superannuation Standards Act 1987 as in force from time to time.
| |
| this Act means the Superannuation (Self Managed Superannuation Funds)
Taxation Act 1987 as modified by the SIS (TP) Regulations (being the applied
OSS Act, within the meaning of those Regulations).' | |
| Section 3: | Add at the
end: |
| `(6) For the purposes of paragraph (b) of the definition of
superannuation fund in subsection (1), a fund is taken to provide a benefit
for a member of the fund as the result of a particular event even if, at the
request of the member, the trustees of the fund delay the provision of the
whole or a part of the benefit for up to 90 days after the member becomes
entitled to the benefit. | |
| `(7) Subsection (6) does not, by implication, limit
the circumstances in which the trustees of a fund may delay the provision of
benefits in circumstances that are consistent with paragraph (b) of that
definition. | |
| `(8) Subsections (6) and (7) apply on and after
1 July 1994.' | |
| Section 4: | Omit the section, substitute: |
| 4 Certain
approvals and instruments to apply for the purposes of this Act | |
| `For the
purposes of this Act: | |
| (a) an approval for the purposes of the definition of
superannuation fund in subsection 3 (1) of the unmodified Act; or | |
| (b) an
instrument under section 12 or 12A of the unmodified Act; | |
| (whether made
before or after the date of commencement of the SIS (TP) Regulations) is
taken, where applicable, to be made for the purposes of the corresponding
provision of this Act.' | |
| Subsection 10 (2): | Omit the subsection,
substitute: |
| `(2) For the purposes of this Act, APRA may from time to time
give written notice to the trustee of a fund requiring the trustee to give to
APRA, in relation to the fund's pre-lodgment period, the information or report
specified in the notice.' | |
| Subsections 12 (1), (2) and (3): | Omit the
subsections, substitute: |
| 12 Superannuation fund conditions | |
| `(1) In this
section: | |
| applied OSS Regulations has the same meaning as in the SIS (TP)
Regulations. | |
| relevant provisions of the applied OSS Regulation s, in
relation to a fund, means the provisions of the applied OSS Regulations under
subsection 7 (1) that prescribe standards applicable to the operation of the
fund. | |
| `(2) For the purposes of this section, a fund satisfies the
superannuation fund conditions in relation to the fund's pre-lodgment period
if: | |
| (a) at all times during that period: | |
| (i) the fund was a superannuation
fund; and | |
| (ii) the fund complied with all relevant provisions of the applied
OSS Regulations; and | |
| (b) the trustee of the fund complied with all
requirements made in relation to the fund: | |
| (i) in relation to that
period — under subsection 10 (2); or | |
| (ii) during that
period — under section 11. | |
| `(3) If a fund does not satisfy the
superannuation fund conditions in relation to the fund's pre-lodgment period,
APRA may treat the fund, in accordance with subsection (3A), as satisfying the
conditions in relation to the period.' | |
| Subsection 12 (3A): | Omit `year
of income' (wherever occurring), substitute `pre-lodgment period of the
fund;'; |
| Subparagraphs 12 (3A) (b) (i) and (ii): | After `(3)', insert `of
the unmodified Act' |
| Subsection 12 (4): | Omit the subsection, substitute:
|
| `(4) Where APRA: | |
| (a) does not, under subsection (3), treat a fund as
satisfying the superannuation fund conditions in relation to the fund's
pre-lodgment period; and | |
| (b) is satisfied that, because of special
circumstances in relation to the fund during that period, it is reasonable to
treat the fund as satisfying those conditions during that period; | |
| APRA must
treat the fund as satisfying those conditions in relation to the fund's
pre lodgment period.' | |
| Subsection 16 (1): | Omit `(ab)', and `(da),
(db), (dc), (dd), (de), (df),'. |
Part
3 Additional modifications
The following provisions are modified by omitting
`the Commissioner' or `The Commissioner', wherever occurring, and inserting
`APRA':
* subsection 3 (1), definition of superannuation fund
* subsection 3 (3)
* section 11
* subsection 12 (3A)
* section 12A
* subsections 16 (3), (4), (5) and (6)
* section 17.