OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) 1990 NO. 149 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) 1990 NO. 149 - TABLE OF PROVISIONS 1. Principal Regulations 2. 3. 1990 No. 149 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) - REG 1 Principal Regulations 1. In these Regulations, "Principal Regulations" means the Occupational Superannuation Standards Regulations. 1990 No. 149 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) - REG 2 2. Regulation 18 of the Principal Regulations is repealed and the following regulation substituted: Matters to be included in governing rules of superannuation funds "18. (1) For the purposes of subsection 7 (1) of the Act, the standards in subregulations (2), (3) and (4) are prescribed. "(2) Where a requirement of a standard prescribed under the Act, other than by this regulation or regulation 5, and having effect on1 January 1990 is applicable to the operation of a superannuation fund, the governing rules of the fund must, on and after: (a) the day on which the return for the fund for the purposes of section 12 of the Act for the year of income that ends on 30 June 1990 is given to the Commissioner; or (b) 15 December 1990; whichever is the earlier: (c) include the requirement; or (d) include a provision that has the effect that the requirement, as in force from time to time, is taken to be included in the governing rules. "(3) Where: (a) a requirement referred to in subregulation (2) is applicable to the operation of a superannuation fund established on or before 30 June 1990; and (b) the governing rules of the fund do not, on 30 June 1990: (i) include the requirement; or (ii) include a provision that has the effect that the requirement, as in force from time to time, is taken to be included in the governing rules; the trustees of the fund must: (c) have made before 30 June 1990 arrangements in writing for the governing rules of the fund to be amended to: (i) include the requirement referred to in paragraph (a); or (ii) include the provision referred to in subparagraph (b) (ii); and (d) if required to do so by the Commissioner by notice in writing, produce to the Commissioner, within a period of not less than 14 days specified in the notice, documentary evidence that satisfies the Commissioner that the trustees have so made those arrangements. "(4) Where a regulation prescribed under the Act, other than by this regulation or regulation 5, and notified in the Gazette after 1 January 1990: (a) amends a standard in a manner that affects a requirement applicable to the operation of a superannuation fund; or (b) prescribes a standard containing a requirement applicable to the operation of a superannuation fund; the governing rules of the fund must, on and after 30 June in the second calendar year after the calendar year in which: (c) the amendment referred to in paragraph (a); or (d) the requirement referred to in paragraph (b); commences, or is notified in the Gazette, whichever is the later: (e) include the amendment referred to in paragraph (a) or the requirement referred to in paragraph (b), as the case may be; or (f) include a provision that has the effect: (i) that the amendment referred to in paragraph (a) is taken to be included in the governing rules; or (ii) that the requirement referred to in paragraph (b), as in force from time to time, is taken to be included in the governing rules.". 1990 No. 149 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) - REG 3 3. Regulation 23 of the Principal Regulations is repealed and the following regulation substituted: Matters to be included in governing rules of approved deposit funds "23. (1) For the purposes of subsection 8 (1) of the Act, the standards in subregulations (2), (3) and (4) are prescribed. "(2) Where a requirement of a standard prescribed under the Act, other than by this regulation, and having effect on 1 January 1990 is applicable to the operation of an approved deposit fund, the governing rules of the fund must, on and after: (a) the day on which the return for the fund for the purposes of section 14 of the Act for the year of income that ends on 30 June 1990 is given to the Commissioner; or (b) 15 December 1990; whichever is the earlier: (c) include the requirement; or (d) include a provision that has the effect that the requirement, as in force from time to time, is taken to be included in the governing rules. "(3) Where: (a) a requirement referred to in subregulation (2) is applicable to the operation of an approved deposit fund established on or before 30 June 1990; and (b) the governing rules of the fund do not, on 30 June 1990: (i) include the requirement; or (ii) include a provision that has the effect that the requirement, as in force from time to time, is taken to be included in the governing rules; the trustees of the fund must: (c) have made before 30 June 1990 arrangements in writing for the governing rules of the fund to be amended to: (i) include the requirement referred to in paragraph (a); or (ii) include the provision referred to in subparagraph (b) (ii); and (d) if required to do so by the Commissioner by notice in writing, produce to the Commissioner, within a period of not less than 14 days specified in the notice, documentary evidence that satisfies the Commissioner that the trustees have so made those arrangements. "(4) Where a regulation prescribed under the Act, other than by this regulation, and notified in the Gazette after 1 January 1990: (a) amends a standard in a manner that affects a requirement applicable to the operation of an approved deposit fund; or (b) prescribes a standard containing a requirement applicable to the operation of an approved deposit fund; the governing rules of the fund must, on and after 30 June in the second calendar year after the calendar year in which: (c) the amendment referred to in paragraph (a); or (d) the requirement referred to in paragraph (b); commences, or is notified in the Gazette, whichever is the later: (e) include the amendment referred to in paragraph (a) or the requirement referred to in paragraph (b), as the case may be; or (f) include a provision that has the effect: (i) that the amendment referred to in paragraph (a) is taken to be included in the governing rules; or (ii) that the requirement referred to in paragraph (b), as in force from time to time, is taken to be included in the governing rules.". - NOTES 1990 No. 149*1* OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS*2* (AMENDMENT) *1* Notified in the Commonwealth of Australia Gazette on 25 June 1990. *2* Statutory Rules 1987 No. 322 as amended by 1988 No. 255; 1989 Nos. 24, 281 and 356.