OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) 1993 NO. 323 

OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) 1993 NO. 323 
- TABLE OF PROVISIONS

1.  Commencement  
2.  Amendment  
3.  Regulation 3 (Interpretation)  
4.  Regulation 18BB (Standards: prohibition on intentional acquisition of assets in specified circumstances)  


1993 No. 323 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) -
REG 1
1. Commencement


  1.1 Regulation 4 is taken to have commenced on 30 November 1993.
  1.2 The remainder of these Regulations are taken to have commenced on 1 July
1992.


1993 No. 323 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) -
REG 2
2. Amendment


  2.1 The Occupational Superannuation Standards Regulations are amended as set
out in these Regulations.


1993 No. 323 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) -
REG 3
3. Regulation 3 (Interpretation)


  3.1 Definition of "shortfall component":
  Omit "59", substitute "64".


1993 No. 323 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) -
REG 4
4. Regulation 18BB (Standards: prohibition on intentional acquisition
of assets in specified circumstances)


  4.1 Subregulation 18BB (2):
  Omit "The trustees", substitute "Subject to subregulation (2A), the
trustees".
  4.2 After subregulation 18BB (2), insert:
Exception-acquisitions of business real property and listed security
  (2A) Subregulation (2) does not prohibit a trustee from acquiring an asset
from a member of the fund or a relative of a member of the fund if:
  (a) the asset is business real property of the member or relative, or a
listed security; and
  (b) the asset is acquired at market value; and
  (c) where the asset is business real property-after the acquisition of the
business real property, that property, together with any other business real
property previously acquired from a member of the fund or a relative of a
member since 30 November 1993, would represent not more than the acceptable
percentage of the total value of the assets of the fund.".
  4.3 Subregulation 18BB (4):
  Insert the following definitions:
  "'acceptable percentage' means:
  (a) for an excluded superannuation fund-40%; and
  (b) otherwise-0%;
  'acquire an asset' does not include accept money;
  'business' includes any profession, trade, employment, vocation or calling
carried on for the purposes of profit, including:
  (a) the carrying on of primary production; and
  (b) the provision of professional services;
but does not include occupation as an employee;
  'business real property' of a person means any freehold or leasehold
interest in real property which is used wholly and exclusively in the peron's
business;
  'excluded superannuation fund' means a superannuation fund of which there
are fewer than 5 members;
  'listed security' means:
  (a) a share; or
  (b) a unit; or
  (c) a bond or debenture; or
  (d) a right or option; or
  (e) any other security;
listed for quotation in the official list of a stock exchange in Australia;".


- NOTES


1993 No. 323*1* OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS*2*
(AMENDMENT)



*1* Notified in the Commonwealth of Australia Gazette on 6 December 1993.
*2* Statutory Rules 1987 No. 322 as amended by 1988 No. 255 (as amended by
1989 No. 281); 1989 Nos. 24 and 356; 1990 Nos. 149, 150, 185, 202 and 275;
1991 Nos. 16, 58, 148, 150, 155 and 458; 1992 Nos. 192, 218, 223, 224, 387 and
463; 1993 Nos. 14, 33, 149 189 and 213.