Commonwealth Numbered Acts

OCCUPATIONAL SUPERANNUATION STANDARDS ACT 1987 No. 97, 1987 - SECT 14

14. (1) Where:

   (a)  after the end of a year of income of a fund, the trustees of the fund
        give to the Commissioner, in relation to the year of income:

        (i)    a return, in a form approved by the Commissioner for the
               purposes of this section, providing such information relating
               to the fund and to the fund's satisfaction of the
               approved deposit fund conditions during the year of income as
               is required by the form to be provided;

        (ii)   a certificate by the trustees of the fund, in the prescribed
               form;

        (iii)  a certificate by an approved auditor, in the prescribed form;
               and

        (iv)   the prescribed application fee; and

   (b)  either:

        (i)    the return, certificates and fee referred to in paragraph (a)
               are received by the Commissioner on or before the day specified
               in the form of return as the day by which the return is to be
               given to the Commissioner; or

        (ii)   the return, certificates and fee referred to in that paragraph
               are received by the Commissioner, but are not all received
               until after the day referred to in subparagraph (i), and any
               prescribed late lodgment fee has also been received by the
               Commissioner; subsection (3) applies in relation to the fund in
               relation to the year of income.

(2) A certificate referred to in subparagraph (1) (a) (ii) or (iii) may be
endorsed on a return referred to in subparagraph (1) (a) (i).

(3) Where this subsection applies in relation to a fund in relation to a
year of income, the Commissioner shall, subject to subsection (6), give notice
in writing to the trustees of the fund stating whether the Commissioner is
satisfied that the fund satisfied the approved deposit fund conditions in
relation to the year of income, having regard to:

   (a)  the return and certificates given under subsection (1); and

   (b)  any other information available to the Commissioner.

(4) If:

   (a)  the Commissioner has, under this section, given a notice to the
        trustees of a fund stating that the Commissioner is not satisfied that
        the fund satisfied the approved deposit fund conditions in relation to
        a year of income of the fund; and

   (b)  the Commissioner, after considering information that was not
        previously considered by the Commissioner, becomes satisfied that the
        fund so satisfied the approved deposit fund conditions; the
        Commissioner shall give notice in writing to the trustees of the fund
        revoking the notice referred to in paragraph (a) and stating that the
        Commissioner is satisfied that the fund satisfied the
        approved deposit fund conditions in relation to the year of income.

(5) If:

   (a)  the Commissioner has, under this section, given a notice to the
        trustees of a fund stating that the Commissioner is satisfied that the
        fund satisfied the approved deposit fund conditions in relation to a
        year of income of the fund; and

   (b)  the Commissioner, after considering information that was not
        previously considered by the Commissioner, ceases to be satisfied that
        the fund so satisfied the approved deposit fund conditions; the
        Commissioner shall, subject to subsection (6), give notice in writing
        to the trustees of the fund revoking the notice referred to in
        paragraph (a) and stating that the Commissioner is not satisfied that
        the fund satisfied the approved deposit fund conditions in relation to
        the year of income.

(6) Where:

   (a)  but for this subsection, the Commissioner would be required to give a
        notice stating that the Commissioner is not satisfied that a fund
        satisfied the approved deposit fund conditions in relation to a
        year of income; and

   (b)  the Commissioner decides to give a notice under subsection 15 (1)
        stating that the Commissioner is satisfied that the fund should be
        treated as if it had satisfied the approved deposit fund conditions in
        relation to the year of income; the Commissioner is not required to
        give the notice referred to in paragraph (a).

(7) A notice under this section stating that the Commissioner is not satisfied
that a fund satisfied the approved deposit fund conditions in relation to a
year of income shall set out the reasons why the Commissioner is not so
satisfied.

(8) The Commissioner shall advise the Commissioner of Taxation of particulars
of all notices given under this section.