Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) The purpose of this regulation is to prescribe matters for the purposes of various definitions in section 10 of the Act.
Approved auditor
(2) For the purposes of the definition of approved auditor in section 10 of the Act, the following class of persons is specified, namely, individuals each of whom:
(a) in the case of an auditor of a self managed superannuation fund:
(i) is, under Division 2 of Part 9.2 of the Corporations Act 2001 , registered, or taken to be registered, as an auditor; or
(ii) is associated with a professional organisation specified in Schedule 1AAA in the manner specified, in respect of that organisation, in that Schedule; or
(iii) is the Auditor‑General of the Commonwealth, a State or Territory, or is a delegate of the Auditor‑ General; and
(b) in the case of an auditor of a superannuation entity other than a self managed superannuation fund:
(i) is, under Division 2 of Part 9.2 of the Corporations Act 2001 , registered, or taken to be registered, as an auditor; or
(ii) is the Auditor‑General of the Commonwealth, a State or Territory, or is a delegate of the Auditor‑ General.
Excluded approved deposit fund
(4) For the purposes of paragraph (b) of the definition of excluded approved deposit fund in section 10 of the Act, the following condition is specified, namely, that the fund must be :
(a) a fund established before 1 July 1994; or
(b) a fund that was established on or after 1 July 1994 using eligible termination payments (within the meaning of the Tax Act as in force when the fund was established) of the fund's beneficiary that had an initial value of at least $400 000; or
(c) a fund that is established after 1 July 2007 using a superannuation lump sum or an employment termination payment (within the meaning of the 1997 Tax Act) of the fund's beneficiary that had an initial value of at least $400 000.
Exempt public sector superannuation scheme
(4A) For the purposes of the definition of exempt public sector superannuation scheme in section 10 of the Act the schemes listed in Schedule 1AA are specified.
(4B) If a scheme listed in Schedule 1AA is re‑named, the reference to that scheme includes the scheme as so re‑named.
(4C) Subregulation (4A) has effect in relation to a scheme specified in Part 1 of Schedule 1AA in respect of the 1994‑95 and 1995‑96 years of income of that scheme.
(4D) Subregulation (4A) applies in relation to a scheme specified in Part 2 of Schedule 1AA during the 1996‑97 year of income of that scheme.
(4E) Subregulation (4A) applies in relation to a scheme specified in Part 3 of Schedule 1AA during the 1997‑1998 year of income, and subsequent years of income, of that scheme.
Pooled superannuation trust
(5) For the purposes of paragraph (b) of the definition of pooled superannuation trust in section 10 of the Act, the definition applies to a unit trust that is:
(a) used only for investing the following kinds of assets:
(i) assets of a regulated superannuation fund;
(ii) assets of an approved deposit fund;
(iii) assets of a PST;
(iv) virtual PST assets of a life insurance company within the meaning of the 1997 Tax Act;
(v) segregated exempt assets of a life insurance company within the meaning of the 1997 Tax Act; and
Note 1 PST is defined in regulation 1.03 to mean a pooled superannuation trust.
Note 2 Life insurance company , segregated exempt assets and virtual PST asset , are defined in subsection 995‑1 (1) of the 1997 Tax Act.
(b) a resident unit trust within the meaning of section 102H of the Tax Act; and
(c) a trust in relation to which each of the following circumstances applies:
(i) the trustee has confirmed in writing an intention to have the trust treated as a PST;
(ii) the confirmation was given to APRA, in the approved form, and signed and dated by the trustee;
(iii) the confirmation was given not later than:
(A) the time of lodgment, in accordance with subsection 36 (1) of the Act, of the first return in relation to the trust after 12 July 2000 (the time of lodgment ); or
(B) such later time as allowed, in writing, by APRA, either generally or in a particular case and whether allowed before or after the time of lodgment;
(iv) the confirmation has not been withdrawn.
(6) The trustee of a unit trust may confirm an intention under paragraph (5) (c) despite anything in the governing rules of the unit trust.
(7) The trustee of a unit trust mentioned in subregulation (6) must inform APRA in writing as soon as practicable after the unit trust ceases to be a PST because paragraph (5) (a) or (b) ceases to apply to the trust.
(8) The trustee may withdraw the confirmation of an intention under paragraph (5) (c) by giving to APRA a notice of the withdrawal that is signed and dated by the trustee.