Commonwealth Numbered Regulations

SUPERANNUATION INDUSTRY (SUPERVISION) AMENDMENT REGULATIONS 2000 (NO. 3) 2000 NO. 185 - SCHEDULE 1

(regulation 3)

[1] Paragraph 1.04 (5) (b)

omit

the Tax Act.

insert

the Tax Act; and

[2] After paragraph 1.04 (5) (b)

insert

(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 the time of lodgment, in accordance with subsection 36 (1) of the Act, of the first return in relation to the trust after the commencement of this paragraph;

(iv)

the confirmation has not been withdrawn.

[3] After subregulation 1.04 (5)

insert

(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.