Commonwealth Numbered Acts

OCCUPATIONAL SUPERANNUATION STANDARDS ACT 1987 No. 97, 1987 - SECT 3

3. (1) In this Act:

"adopted child", in relation to a person, means a person adopted by the
first-mentioned person:

   (a)  under the law of a State or Territory relating to the adoption of
        children; or

   (b)  under the law of any other place relating to the adoption of children,
        if the validity of the adoption would be recognised under the law of
        any State or Territory;

"approved auditor" means a person included in a class of persons specified in
regulations made for the purposes of this definition;

"approved deposit fund" means a fund that:

   (a)  is an indefinitely continuing fund;

   (b)  is maintained by an approved trustee or approved trustees solely for
        approved purposes; and

   (c)  has approved rules;

"approved purposes", in relation to a fund, means the purposes of:

   (a)  receiving on deposit amounts that will be deemed by section 27D of the
        Tax Act to have been expended out of eligible termination payments
        within the meaning of that section;

   (b)  dealing with such amounts, in accordance with the rules of the fund,
        in any way calculated directly or indirectly to enhance the value of,
        or render profitable, property of the fund; and

   (c)  subject to any contrary requirement in the standards from time to time
        applicable to the fund under section 8, repaying to depositors, or the
        legal personal representatives of depositors, upon request, amounts
        deposited with the fund together with accumulated earnings on such
        amounts;

"approved rules" means rules that include all the kinds of provisions
specified in regulations made for the purposes of this definition;

"approved trustee" means a body specified in, or included in a class of bodies
specified in, regulations made for the purposes of this definition;

"child", in relation to a person, includes an adopted child, a step-child or
an ex-nuptial child of the person;

"Commissioner" means the Insurance and Superannuation Commissioner appointed
under the Insurance and Superannuation Commissioner Act 1987, or a person for
the time being acting as Insurance and Superannuation Commissioner under that
Act;

"court" includes any tribunal, authority or person having power to require the
production of documents or the answering of questions;

"dependant", in relation to a person, includes:

   (a)  any person who is or was the spouse of the person; and

   (b)  any child of the person;

"depositor", in relation to a fund, means a person who has paid an amount, or
on whose behalf an amount has been paid, to the fund;

"fund affected by a reviewable decision", in relation to a reviewable
decision, means the fund in relation to which the decision was made;

"legal personal representative" means an executor or administrator of the
estate of a deceased person, the trustee of the estate of a person under a
legal disability or a person who holds a general power of attorney granted by
a person;

"produce" includes permit access to;

"protected document" means a document given or produced under or for the
purposes of this Act containing information relating to the affairs of any
superannuation fund or approved deposit fund;

"protected information" means information disclosed or obtained under or for
the purposes of this Act relating to the affairs of any superannuation fund or
approved deposit fund;

"reviewable decision" means a decision of the Commissioner to give a notice in
relation to a fund under section 12, 13, 14 or 15 stating that the
Commissioner is not satisfied that the fund complied with the superannuation
fund conditions or the approved deposit fund conditions, as the case may be,
in relation to a year of income;

"superannuation fund" means a fund that:

   (a)  is an indefinitely continuing fund; and

   (b)  is maintained solely for either or both of the following purposes:

        (i)    the provision of benefits for each member of the fund in the
               event of the retirement of the member from any business, trade,
               profession, vocation, calling, occupation or employment in
               which the member is engaged;

        (ii)   the provision of benefits for dependants of each member of the
               fund in the event of the death of the member;
or for either or both of those purposes and for such ancillary purposes as the
Commissioner approves;

"superannuation standards officer" means a person who is or has been appointed
or employed by the Commonwealth and who, by reason of that appointment or
employment, or in the course of that employment:

   (a)  may acquire, or has acquired, protected information; or

   (b)  may have, or has had, access to protected documents;

"Tax Act" means the Income Tax Assessment Act 1936;

"taxation officer" means a person who is an officer for the purposes of
section 16 of the Tax Act;

"year of income", in relation to a fund, means a period that is a year of
income in relation to the fund for the purposes of the Tax Act, and includes
such a period (other than a period that ended before 1 July 1986) the whole or
a part of which occurred before the commencement of this Act.

(2) Where the rules of a fund contain a provision the purpose of which is to
avoid a breach of a rule of law relating to perpetuities, the provision does
not prevent the fund from being treated as an indefinitely continuing fund for
the purposes of the definition of "approved deposit fund" or "superannuation
fund" in subsection (1).