SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

Table of Provisions

• Long Title

PART 1--PRELIMINARY

Division 1--Preliminary

• 1 Short title  
• 2 Commencement  
• 3 Object of Act  
• 4 Simplified outline of supervision responsibilities  
• 5 General administration of Act  
• 6 General administration table  
• 7 Application of Act not to be excluded or modified  
• 8 Act extends to external Territories  
• 9 Crown to be bound  
• 9A Application of the Criminal Code  

Division 2--Interpretation

• 10 Definitions  
• 10A Interdependency relationship  
• 11 Approvals, determinations etc. by Regulator  
• 11A Approved forms  
• 11B Electronic lodgment of approved forms  
• 11C Declaration required if approved form lodged electronically on trustee's behalf  
• 11D Electronic lodgment--documents other than approved forms  
• 11E Approved guarantees  
• 11F Lead auditor  
• 12 Associates  
• 13 Single trustees  
• 13A RSE licensees that are groups of individual trustees  
• 14 Indefinitely continuing fund--application of rules against perpetuities  
• 15 Approved deposit funds--payments by trustees  
• 15A Definitions of employee and employer  
• 15B Modified meaning of member  
• 16 Definitions associated with employer - sponsorship  
• 17 Persons involved in a contravention  
• 17A Definition of self managed superannuation fund  
• 17B Definition of self managed superannuation fund --remuneration of trustees etc.  
• 18 Public offer superannuation fund  
• 19 Regulated superannuation fund  
• 20 Related bodies corporate  
• 20A Resident approved deposit funds  
• 20B Accrued default amounts  

PART 2A--LICENSING--OF TRUSTEES AND GROUPS OF INDIVIDUAL TRUSTEES

Division 1--Object of this Part

• 29A Object of this Part and the relationship of this Part to other provisions  

Division 2--Classes of RSE licences

• 29B Classes of RSE licences  

Division 3--Applying for RSE licences

• 29C Applications for RSE licences  
• 29CA APRA may request further information  
• 29CC Period for deciding applications  

Division 4--Grant of RSE licences

• 29D Grant of RSE licences  
• 29DB Notice of class of licence  
• 29DC Documents required to bear ABNs  
• 29DD Licence period  
• 29DE APRA to give notice of refusal of applications  

Division 5--Conditions on RSE licences

• 29E Conditions imposed on all licences and on groups of licences  
• 29EA Additional conditions imposed on individual licences by APRA  

Division 6--Varying RSE licences

• 29F Applications for variation of RSE licences  
• 29FA APRA may request further information  
• 29FB Period for deciding applications  
• 29FC APRA may vary RSE licences in accordance with applications  
• 29FD APRA may vary or revoke licence conditions on its own initiative  
• 29FE Notification of APRA's decisions under this Division  
• 29FF When variations or revocations come into force etc.  

Division 7--Cancelling RSE licences

• 29G Cancellation of RSE licences  
• 29GA Cancellation of RSE licences of financial services licensees  
• 29GB APRA may allow RSE licence to continue in effect  

Division 8--Approval to hold a controlling stake in an RSE licensee

• 29H Application  
Subdivision B--Applying for approval
• 29HA Application for approval to hold a controlling stake  
• 29HB APRA may request further information  
• 29HC Period for deciding applications for approval  
Subdivision C--Approval
• 29HD Approval to hold a controlling stake in an RSE licensee  
• 29HE Notice of approval  
• 29HF APRA to give notice of refusal of approval  

Division 9--Offences and self-incrimination

• 29J Being trustee of a registrable superannuation entity while unlicensed etc.  
• 29JA Failing to notify breach of licence condition  
• 29JCA False representation about status as RSE licensee  
• 29JCB Holding a controlling stake in an RSE licensee without approval  
• 29JD Breach does not affect validity of issue of superannuation interests etc.  

PART 2B--REGISTRABLE--SUPERANNUATION ENTITIES

Division 1--Object of this Part

• 29K Object etc. of this Part  

Division 2--Applying for registration

• 29L Applications for registration  
• 29LA APRA may request further information  
• 29LB Period for deciding applications for registration  

Division 3--Registration

• 29M Registration of registrable superannuation entity  
• 29MA Notice of registration  
• 29MB Documents required to bear ABNs  
• 29MC APRA to give notice of refusal of applications  

Division 4--Cancelling registration

• 29N Cancelling registration  

Division 5--RSE licensees must provide information about registrable superannuation entities

• 29P Annual members' meeting  
• 29PA Obligation to attend an annual members' meeting  
• 29PB Obligation on responsible officers of RSE licensees to answer questions  
• 29PC Obligation on individual trustees to answer questions  
• 29PD Obligation on auditor to answer questions  
• 29PE Obligation on actuary to answer questions  
Subdivision B--Other obligations in relation to information
• 29QC Obligation to give consistent information  

PART 2C--MYSUPER

Division 1--Object of this Part

• 29R Object of this Part  

Division 2--Applying for authority

• 29S Application for authority to offer a MySuper product  
• 29SAA Election to transfer accrued default amounts  
• 29SAB Election to transfer assets attributed to a MySuper product if authorisation cancelled  
• 29SAC Election not to charge MySuper members for payment of conflicted remuneration  
• 29SA APRA may request further information  
• 29SB Period for deciding applications for authority  

Division 3--Authority

• 29T Authority to offer a MySuper product  
• 29TA Product in another fund in which there is already material goodwill  
• 29TB MySuper products for large employers  
• 29TC Characteristics of a MySuper product  
• 29TD Notice of authority  
• 29TE APRA to give notice of refusal of authority  

Division 4--Cancelling authority

• 29U Cancelling authority to offer MySuper product  
• 29UA Cancellation of authority of an RSE licensee that is also a financial services licensee  
• 29UB APRA may allow authority to continue in effect  

Division 5--Fees rules for MySuper products

• 29V Fees that may be charged in relation to a MySuper product  
• 29VA Charging rules  
• 29VB Administration fee exemption for employees of an employer - sponsor  
• 29VC Activity fees and insurance fees to be charged on a cost recovery basis  
• 29VD Performance - based fees  
• 29VE Percentage - based administration fees may be capped  

Division 7--Offences

• 29W Offering a product as a MySuper product when not authorised to do so  
• 29WA Contributions in relation to which no election is made are to be paid into MySuper product  
• 29WB Contributions by large employer in relation to which no election is made to be paid into large employer MySuper product  

Division 8--Other matters

• 29X Prudential standards dealing with accrued default amounts  
• 29XA Prudential standards dealing with assets attributed to former MySuper products  
• 29XB No liability for certain transfers  
• 29XC Public sector superannuation scheme ceases to be exempt  

PART 3--OPERATING--STANDARDS

Division 1--Object of Part

• 30 Object of Part  

Division 2--Operating standards

• 31 Operating standards for regulated superannuation funds  
• 32 Operating standards for approved deposit funds  
• 33 Operating standards for pooled superannuation trusts  
• 33A Relationship between operating standards, this Act and the regulations  
• 34 Prescribed operating standards must be complied with  

Division 3--Portability forms

• 34A Portability forms  

PART 3A--PRUDENTIAL--STANDARDS

• 34B Object of this Part  
• 34C APRA may determine prudential standards  
• 34D Relationship between prudential standards, this Act and the regulations  
• 34E Notice of determination, variation or revocation of certain prudential standards  
• 34F APRA to monitor prudential matters  

PART 3B--SUPERANNUATION--DATA AND PAYMENT REGULATIONS AND STANDARDS

Division 1--Superannuation data and payment regulations and standards

• 34H Object of Part  
• 34J Alternative constitutional basis  
• 34K Superannuation data and payment regulations and standards  
• 34L Relationship between standards and other law  

Division 2--Compliance with superannuation data and payment regulations and standards

• 34M Compliance requirement--trustees of eligible superannuation entities  
• 34N Compliance requirement--employers  
• 34P Regulator's power to give directions in certain circumstances--trustees of eligible superannuation entities  
• 34Q Regulator's power to give directions in certain circumstances--employers  

Division 3--Infringement notices

• 34R When an infringement notice may be given  
• 34S Matters to be included in notice  
• 34T Extension of time to pay amount  
• 34U Withdrawal of an infringement notice  
• 34V Effect of payment of amount  
• 34W Effect of this Division  

Division 4--Information

• 34X Correction and rectification of information  
Subdivision B--Register of information about certain funds and schemes
• 34Y Register of information about certain funds and schemes  
• 34Z Trustees to provide information for inclusion in register  

PART 4--ACCOUNTS--, AUDIT AND REPORTING OBLIGATIONS FOR SUPERANNUATION ENTITIES

Division 1--Objects

• 35 Objects of Part  

Division 2--Obligations for registrable superannuation entities

• 35A Accounting records  
• 35AB Auditor requests for documents  
• 35AC Appointed auditor's functions and duties  
• 35AD Appointed actuary's functions and duties  

Division 3--Obligations for self managed superannuation funds

• 35AE Accounting records  
• 35B Accounts and statements  
• 35C Audit of accounts and statements  
• 35D Trustee to lodge annual returns  

PART 5--NOTICES--ABOUT COMPLYING FUND STATUS

Division 1--Objects and interpretation

• 37 Objects of Part  
• 38 Meaning of entity  

Division 2--The Regulator may give notices about complying fund status

• 38A Meaning of regulatory provision  
• 39 Meaning of contravention  
• 40 Notices by the Regulator to trustee  
• 41 When the Regulator obliged to give notice of compliance  
• 42 Complying superannuation fund  
• 42A Complying superannuation fund--fund that has been a self managed superannuation fund at any time during a year  
• 43 Complying approved deposit fund  
• 44 Pooled superannuation trust  

Division 3--Complying fund status for tax purposes

• 45 Complying superannuation fund  
• 46 Complying superannuation scheme--superannuation guarantee charge  
• 47 Complying approved deposit fund  
• 48 Pooled superannuation trust  
• 49 Transitional--notices under the repealed provisions of the Occupational Superannuation Standards Act 1987  

PART 6--PROVISIONS--RELATING TO GOVERNING RULES OF SUPERANNUATION ENTITIES

• 51 Object of Part  
• 51A Covenants are cumulative  
• 52 Covenants to be included in governing rules--registrable superannuation entities  
• 52AA Retirement income strategy requirements--registrable superannuation entities  
• 52A Covenants relating to directors to be included in governing rules--registrable superannuation entities  
• 52B Covenants to be included in governing rules--self managed superannuation funds  
• 52C Covenant relating to directors to be included in governing rules--self managed superannuation funds  
• 53 Covenants to repay amounts to beneficiaries in approved deposit funds  
• 54 Prerequisites to variation of repayment period  
• 54A Regulations may prescribe other covenants  
• 54B Civil and criminal consequences for contravening sections 52 and 52A covenants  
• 54C Other covenants must not be contravened  
• 55 Recovering loss or damage for contravention of covenant  
• 55A Rules about cashing benefits after death of members  
• 55B Governing rules do not prevent giving effect to certain elections  
• 55C Governing rules do not prevent transfer from pre - MySuper default option to MySuper product  
• 55D Governing rules void to the extent that they are inconsistent with obligations in relation to annual outcomes assessments and MySuper products  
• 56 Indemnification of trustee from assets of entity  
• 57 Indemnification of directors of trustee from assets of entity  
• 58 Trustee not to be subject to direction  
• 58A Service providers and investments cannot be limited to particular persons or associates  
• 58B Service providers and investments  
• 59 Exercise of discretion by person other than trustee  
• 60 Amendment of governing rules  
• 60A Dismissal of trustee of public offer entity  

PART 6A--ANNUAL--PERFORMANCE ASSESSMENTS ETC.

• 60B Meaning of Part 6A product  
• 60C Regulator to make annual performance assessments  
• 60D Requirements for assessment  
• 60E Trustee to notify beneficiaries of fail assessment  
• 60F Consequences of 2 consecutive fail assessments  
• 60G Multiple Part 6A products treated as one Part 6A product in certain circumstances  
• 60H Requirements for contributions to blocked fund not enforceable  
• 60J Formulas for ranking products  

PART 7--PROVISIONS--APPLYING ONLY TO REGULATED SUPERANNUATION FUNDS

• 61 Object of Part  
• 62 Sole purpose test  
• 62A Self managed superannuation funds--investment in collectables and personal use assets  
• 63 Certain regulated superannuation funds not to accept employer contributions in certain circumstances  
• 64 Superannuation contributions--deductions from salary or wages to be remitted promptly  
• 65 Lending to members of regulated superannuation fund prohibited  
• 66 Acquisitions of certain assets from members of regulated superannuation funds prohibited  
• 67 Borrowing  
• 67A Limited recourse borrowing arrangements  
• 67B Limited recourse borrowing arrangements--replacement assets  
• 68 Victimisation of trustees etc.  
• 68AAA Benefits provided by taking out insurance--inactive accounts  
• 68AAB Benefits provided by taking out insurance--low - balance accounts  
• 68AAC Benefits provided by taking out insurance--members under 25 years old  
• 68AAD Sections 68AAA, 68AAB and 68AAC do not apply to funds with no more than 6 members  
• 68AAE Employer - sponsor contribution exception  
• 68AAF Dangerous occupation exception  
• 68AA Benefits for permanent incapacity and death--MySuper members  
• 68A Trustees must not use goods or services to influence employers  
• 68B Promotion of illegal early release schemes  
• 68C Voting by a director of a corporate trustee--governing rules  
• 68D Voting by an individual trustee--governing rules  

PART 8--IN---HOUSE ASSET RULES APPLYING TO REGULATED SUPERANNUATION FUNDS

Division 1--Object and interpretation

• 69 Object of Part  
• 69A Sub - funds to be treated as funds  
• 70A The Regulator may determine a person to be a standard employer - sponsor  
Subdivision B--Part 8 associates
• 70B Part 8 associates of individuals  
• 70C Part 8 associates of companies  
• 70D Part 8 associates of partnerships  
• 70E Meanings of terms used in sections 70B, 70C and 70D  
Subdivision C--In-house assets
• 71 Meaning of in - house asset  
Subdivision D--Transitional arrangements in relation to in-house assets
• 71A Exceptions--pre - 11 August 1999 investments and loans  
• 71B Exceptions--pre - 11 August 1999 leases and lease arrangements  
• 71C Exceptions--transition period  
• 71D Exception--reinvestments  
• 71E Exception--certain geared investments  
• 71EA Relationship breakdowns  
• 71F Meaning of certain terms used in Subdivision D  
Subdivision E--Other provisions in relation to in-house assets
• 72 How this Part applies if there are 2 or more employer - sponsors of whom at least one is an unrelated employer - sponsor  
• 73 Cost of in - house asset  
• 74 Historical cost ratio of fund's in - house assets  
• 75 Market value ratio of fund's in - house assets  

Division 2--Historical cost ratio of fund's in-house assets

• 76 Private sector funds established on or after 12 March 1985--historical cost ratio for the 1994 - 95 year of income  
• 77 Private sector funds established before 12 March 1985--historical cost ratio for the 1994 - 95 year of income  
• 78 Public sector funds established on or after 1 July 1990--historical cost ratio for the 1994 - 95 year of income  
• 79 Public sector funds established before 1 July 1990--historical cost ratio for the 1994 - 95 year of income  
• 80 All funds--historical cost ratio for the 1995 - 96 year of income, the 1996 - 97 year of income and the 1997 - 98 year of income  

Division 3--Market value ratio of fund's in-house assets

• 80A Division not applicable to certain funds  
• 81 All funds--market value ratio for the 1998 - 99 year of income and the 1999 - 2000 year of income  
• 82 All funds--market value ratio for the 2000 - 2001 year of income and later years of income  
• 83 Certain new in - house asset investments prohibited  

Division 3A--Limit on in-house assets of certain defined benefit funds

• 83A Definitions  
• 83B Application of Division  
• 83C Maximum permitted market value of in - house assets  
• 83D Limit on in - house assets  
• 83E Acquisition of in - house assets prohibited in certain circumstances  

Division 4--Enforcement

• 84 In - house asset rules must be complied with  

Division 5--Anti-avoidance

• 85 Prohibition of avoidance schemes  

PART 9--EQUAL--REPRESENTATION OF EMPLOYERS AND MEMBERS--EMPLOYER-SPONSORED FUNDS

• 86 Object of Part  
• 87 Consequences of non - compliance with this Part  
• 88 This Part does not apply if acting trustee appointed under Part 17  
• 89 Basic equal representation rules  
• 90 Pre - 1 July 1995 rules--funds with fewer than 200 members  
• 91 Pre - 1 July 1995 rules--funds with 200 or more members  
• 92 Post - 30 June 1995 rules--funds with more than 6, but fewer than 50, members  
• 93 Post - 30 June 1995 rules--funds with more than 49 members  
• 93A A trustee who is an employer - sponsor of a fund may still be an independent trustee  

PART 10--PROVISIONS--APPLYING ONLY TO APPROVED DEPOSIT FUNDS

• 94 Object of Part  
• 95 Borrowing  

PART 11--PROVISIONS--APPLYING ONLY TO POOLED SUPERANNUATION TRUSTS

• 96 Object of Part  
• 97 Borrowing  
• 98 Lending to unit - holders prohibited  
• 99 Civil penalty provisions  

PART 11A--GENERAL--FEES RULES

• 99A Application  
• 99B No entry fees  
• 99BA No exit fees  
• 99C Buy - sell spreads and switching fees to be charged on a cost recovery basis  
• 99D Cost of advice to employers not to be borne by members  
• 99E Fair and reasonable attribution of costs between classes of beneficial interest in a regulated superannuation fund  
• 99F Cost of financial product advice--collectively charged fees  
• 99FA Cost of financial product advice--fees charged to member concerned  
• 99G Fee cap on low balances  

PART 12--DUTIES--OF TRUSTEES AND INVESTMENT MANAGERS OF SUPERANNUATION ENTITIES

• 100 Object of Part  
• 101 Dispute resolution systems  
• 102 Duty to seek information from investment manager  
• 103 Duty to keep minutes and records  
• 104 Duty to keep records of changes of trustees  
• 104A Trustees etc. of self managed superannuation fund--recognition of obligations and responsibilities  
• 105 Duty to keep reports  
• 106 Duty to notify the Regulator of significant adverse events  
• 106A Duty to notify Commissioner of Taxation of change in status of entity  
• 107 Duty of trustee of employer - sponsored fund to establish procedure for appointing member representatives  
• 108 Duty of trustee of employer - sponsored fund to establish procedure for appointing independent trustee or independent member of board of directors of corporate trustee  
• 108A Trustee's duty to identify etc. multiple superannuation accounts of members  
• 109 Investments of superannuation entity to be made and maintained on arm's length basis  

PART 14--OTHER--PROVISIONS APPLYING TO SUPERANNUATION ENTITIES

• 114 Object of Part  
• 115 Trustee of superannuation entity may maintain reserves  
• 116 Agreement between trustee and investment manager  
• 117 Circumstances in which amounts may be paid out of an employer - sponsored fund to an employer - sponsor  
• 118 Consents to appointments  

PART 15--STANDARDS--FOR TRUSTEES, CUSTODIANS AND INVESTMENT MANAGERS OF SUPERANNUATION ENTITIES

Division 1--Object of Part and definition of disqualified person

• 119 Object of Part  
• 120 Disqualified persons  

Division 2--Requirements for custodians and investment managers

• 122 Investment manager must not appoint or engage custodian without the trustee's consent  
• 123 Persons who may be appointed to be custodians of superannuation entities  
• 124 Investment managers must be appointed in writing  
• 125 Individuals not to be investment managers of superannuation entities  

Division 3--Disqualified persons

• 126 Application of this Subdivision  
• 126A The Regulator may disqualify individuals  
• 126B Application for waiver of disqualified status  
• 126C Application must be decided within a period of time  
• 126D Notifying of the outcome of an application  
• 126E The effect of seeking a waiver of disqualified person status  
• 126F The Regulator's powers to seek further material  
Subdivision B--Disqualification by the Federal Court of Australia
• 126G Application of this Subdivision  
• 126H Court power of disqualification  
• 126J Court power to revoke or vary a disqualification etc.  
Subdivision C--Other matters relating to disqualification
• 126K Disqualified persons not to be trustees, investment managers or custodians of superannuation entities  
• 126L Privilege against exposure to penalty--disqualification under section 126A, 126H, 130D or 130EA  

Division 4--Non-compliance not to invalidate appointment or transaction

• 127 Non - compliance not to invalidate appointment or transaction  

PART 16--ACTUARIES--AND AUDITORS OF SUPERANNUATION ENTITIES

Division 1--Object of Part

• 128 Object of Part  

Division 1A--Approved SMSF auditors

• 128A Application for registration as an approved SMSF auditor  
• 128B Registration as an approved SMSF auditor  
• 128C Competency examinations  
• 128D Conditions on registration  
• 128E Cancelling registration  
Subdivision B--Obligations of approved SMSF auditors
• 128F Professional obligations of approved SMSF auditors  
• 128G Annual statements  
• 128H Notification of certain matters  
Subdivision C--Registers
• 128J Register of Approved SMSF Auditors  
• 128K Register of Disqualified SMSF Auditors  
Subdivision D--Fees
• 128L Fees imposed under the Superannuation Auditor Registration Imposition Act 2012  
• 128M Fees for inspection or search  
Subdivision E--Miscellaneous
• 128N ASIC may disclose information to the Commissioner of Taxation  
• 128P Commissioner of Taxation may refer matters to ASIC  
• 128Q Competency standards  

Division 2--Obligations of actuaries and auditors

• 129 Obligations of actuaries and auditors--compliance  
• 129A Obligations of lead auditors--compliance  
• 130 Obligations of actuaries and auditors--solvency  
• 130AA Obligations of lead auditors--solvency  
• 130A Auditor or actuary may give information to the Regulator  
• 130B Self incrimination  
• 130BA Auditor must notify the Regulator of attempts to unduly influence etc. the auditor etc.  
• 130BAA Lead auditor--obligation to notify the Regulator of attempts to unduly influence etc. the auditor etc.  
• 130BB Giving false or misleading information to auditor  
• 130C Actuaries and auditors--failure to implement actuarial recommendations  
• 130CA Lead auditors--failure to implement actuarial recommendations  

Division 3--Disqualifying and removing actuaries and auditors

• 130D Court power of disqualification--auditor or actuary  
• 130E Court power to revoke or vary a disqualification etc.  
• 130EA Court power of disqualification--audit firm or audit company  
• 130EB Court power to revoke or vary a disqualification etc.  
• 130F Approved SMSF auditors--disqualification and suspension orders  
• 131 Actuaries--disqualification orders  
• 131AA APRA may direct removal of auditor or actuary  

Division 4--Offences and failure to carry out duties etc.

• 131A The Regulator may refer matters to a professional association  
• 131B Offence of holding oneself out as an actuary or auditor  
• 131BA Misleading representations by disqualified firm or company  
• 131C Disqualified persons not to be auditor or actuary of superannuation entities  
• 131CA Disqualified firms and disqualified companies not to be an RSE auditor  
• 131CB Members or employees of disqualified firms, and directors or employees of disqualified companies, not to be RSE auditors  

Division 5--Special provisions relating to firms and companies

• 131CC Offences by members of a firm  
• 131CD Criminal liability of a firm or company  

PART 16A--APRA----POWERS TO ISSUE DIRECTIONS

Division 1--General powers to issue directions

• 131D APRA may give directions to an RSE licensee in relation to licensee's own conduct  
• 131DA APRA may give directions in relation to the conduct of a connected entity of an RSE licensee  
• 131DB Machinery provisions relating to directions under this Division  
• 131DC Varying or revoking a direction under this Division  
• 131DD Non - compliance with a direction  

Division 2--Directions to relinquish control over an RSE licensee

• 131E Object of this Division  
• 131EA Application of this Division  
• 131EB Direction to relinquish control  
• 131EC Meaning of practical control  
• 131ED Consequences of a direction to relinquish control  
• 131EE Interim orders  
• 131EF Remedial orders  

Division 3--Provisions relating to all directions under this Act

• 131F APRA may give more than one direction  
• 131FA RSE licensee and connected entity have power to comply with a direction under this Act  
• 131FB Protection from liability--general  
• 131FC Protection from liability--directions  
• 131FD Protection from liability--provisions do not limit each other  
• 131FE Informing the Treasurer about issue and revocation of directions  

PART 17--SUSPENSION--OR REMOVAL OF TRUSTEE OF SUPERANNUATION ENTITY

• 132 Object of Part  
• 133 Suspension or removal of trustee of superannuation entity  
• 134 APRA to appoint acting trustee in cases of suspension or removal  
• 135 Terms and conditions of appointment of acting trustee  
• 136 Termination of appointment of acting trustee  
• 137 Resignation of acting trustee  
• 138 Property vesting orders  
• 139 Powers of acting trustee  
• 139A Acting trustee authorised to offer a MySuper product  
• 139B Acting trustee authorised to operate an eligible rollover fund  
• 140 Acting trustee to notify appointment to beneficiaries  
• 141 The Regulator may give directions to acting trustee  
• 141A Property vested in acting trustee--former trustee's obligations relating to books, identification of property and transfer of property  
• 142 The Regulator may formulate a scheme for the winding - up or dissolution, or both, of a superannuation entity  

PART 18--AMALGAMATION--OF FUNDS

• 143 Object of Part  
• 144 Benefits may be transferred to a new fund with APRA's approval etc.  
• 145 Application for approval of transfer  
• 146 Approval of transfer  
• 147 Cessation of rights against transferor fund  

PART 19--PUBLIC--OFFER ENTITIES: PROVISIONS RELATING TO SUPERANNUATION INTERESTS

Division 1--Preliminary

• 151 Contravention of Part does not affect validity of issue of superannuation interest etc.  

Division 2--Issuing, offering etc. superannuation interests in public offer entities

• 152 Limitation on issuing, offering etc. superannuation interests in public offer entities  
• 154 Commission and brokerage  
• 155 Fair dealing on issue or redemption of a superannuation interest  
• 156 Civil liability where subsection 155(2) contravened  

PART 20--ADMINISTRATIVE--DIRECTIONS AND PENALTIES FOR CONTRAVENTIONS RELATING TO SELF MANAGED SUPERANNUATION FUNDS

Division 1--Object and scope of this Part

• 157 Object of this Part  
• 158 Scope of this Part  

Division 2--Directions

• 159 Rectification direction  
• 160 Education direction  
• 161 Approval of courses of education  
• 162 Costs of course of education  
• 163 Variation or revocation on Regulator's own initiative  
• 164 Variation on request  
• 165 Taxation objection  

Division 3--Administrative penalties

• 166 Administrative penalties in relation to self managed superannuation funds  
• 167 Administrative penalty and civil penalty  
• 168 Penalty must not be reimbursed from fund  
• 169 Joint and several liability of directors of corporate trustee liable to administrative penalty under section 166  

PART 21--CIVIL--AND CRIMINAL CONSEQUENCES OF CONTRAVENING CIVIL PENALTY PROVISIONS

Division 1--Preliminary

• 192 Object of Part  
• 193 Civil penalty provisions  
• 194 Person involved in contravening a provision taken to have contravened the provision  
• 195 When a court is taken to find a person guilty of an offence  

Division 2--Civil penalty orders

• 196 Court may make civil penalty orders  
• 197 Who may apply for civil penalty order  
• 198 Time limit for application  
• 199 Application for civil penalty order is a civil proceeding  
• 200 Enforcement of order to pay monetary penalty  
• 201 The Regulator may require a person to give assistance in connection with application for civil penalty order  

Division 3--Criminal proceedings

• 202 When contravention of civil penalty provisions is an offence  
• 203 Application for civil penalty order precludes later criminal proceedings  

Division 4--Effect of criminal proceedings on application for civil penalty order

• 204 When Division applies  
• 205 Effect during criminal proceedings  
• 206 Final outcome precluding applications for civil penalty order  
• 207 Final outcome not precluding application for civil penalty order  
• 208 After unsuccessful committal proceeding, court may preclude application for civil penalty order  
• 209 Application for civil penalty order based on alternative verdict at jury trial  
• 210 Application for civil penalty order based on alternative finding by court of summary jurisdiction  
• 211 Application for civil penalty order based on alternative finding by appeal court  
• 212 After setting aside declaration, court may preclude application for civil penalty order  
• 213 On unsuccessful appeal against declaration, Court may make civil penalty orders  
• 214 Appeals under this Division  

Division 5--Compensation for loss suffered by superannuation entity

• 215 On application for civil penalty order, Court may order compensation  
• 216 Criminal court may order compensation  
• 217 Enforcement of order under section 215 or 216  
• 218 Recovery of profits, and compensation for loss, resulting from contravention  
• 219 Effect of sections 215, 216 and 218  
• 220 Certificates evidencing contravention  

Division 6--Miscellaneous

• 220A Burden of proof--civil proceedings relating to duty to act in best financial interests of beneficiaries  
• 221 Relief from liability for contravention of civil penalty provision  
• 222 Part does not limit power to award punitive damages  

PART 22--INFRINGEMENT--NOTICES

Division 1--Overview

• 223 Simplified outline  
• 223A Provisions subject to an infringement notice  
• 223B Infringement officer  
• 223C Chair of APRA may determine infringement officers  
• 223D Relevant chief executive  

Division 2--Infringement notices

• 224 When an infringement notice may be given  
• 224A Matters to be included in an infringement notice  
• 224B Extension of time to pay amount  
• 224C Withdrawal of an infringement notice  
• 224D Effect of payment of amount  
• 224E Effect of this Part  

PART 23--FINANCIAL--ASSISTANCE TO CERTAIN FUNDS

Division 1--Preliminary

• 227 Object of Part  
• 228 Interpretation  
• 229 Application for assistance  
• 230 Minister may request additional information  
• 230A APRA to advise Minister in relation to application for assistance  

Division 2--Determination of applications for financial assistance

• 231 Minister may grant financial assistance  
• 232 Maximum amount of financial assistance  
• 233 Financial assistance to be subject to conditions  

Division 3--Repayment of financial assistance

• 238 Financial assistance to be repaid in certain circumstances  
• 239 Minister may remit liability  
• 240 Repayable grant to have priority over other debts  

PART 24--ELIGIBLE--ROLLOVER FUNDS

Division 1--Preliminary

• 241 Object of this Part  
• 242 Interpretation  

Division 2--Authority to operate an eligible rollover fund

• 242A Application for authority to operate an eligible rollover fund  
• 242B Election to transfer amounts held in eligible rollover fund if authorisation cancelled  
• 242C Election not to charge members of eligible rollover fund for payment of conflicted remuneration  
• 242D APRA may request further information  
• 242E Period for deciding applications for authority  
Subdivision B--Authority
• 242F Authority to operate an eligible rollover fund  
• 242G Notice of authority  
• 242H APRA to give notice of refusal of authority  
Subdivision C--Cancelling authority
• 242J Cancelling authority to operate eligible rollover fund  
Subdivision D--Trustee obligations relating to eligible rollover funds
• 242K Additional obligations of a trustee in relation to an eligible rollover fund  
• 242L Additional obligations of a director of a corporate trustee in relation to an eligible rollover fund  
• 242M Contravention of section 242K or 242L  
• 242N Governing rules void to the extent that they are inconsistent with obligations under section 242K or 242L  
Subdivision E--Miscellaneous
• 242P Operating a fund as an eligible rollover fund when not authorised to do so  
• 242Q Prudential standards dealing with amounts held in eligible rollover funds  
• 242R No liability for giving effect to a section 242B election  

Division 3--Facility to pay benefits to eligible rollover funds

• 243 Payment of benefits to eligible rollover fund  
• 244 Operating standards for transferor funds--information and records  
• 248 Claims for benefits  

PART 24A--TRANSITIONAL--PROVISIONS RELATING TO PRE-1 JULY 1995 AUTOMATIC ROLLOVERS OF BENEFITS BETWEEN FUNDS

• 249 Object of Part  
• 250 Definitions  
• 251 Rights of beneficiary to rolled - over benefits  
• 252 Claims to rolled - over benefits  

PART 24B--PROVISIONS--RELATING TO THE ADMINISTRATION BY APRA AND THE COMMISSIONER OF TAXATION OF SUPERANNUATION FUNDS WITH NO MORE THAN 6 MEMBERS

Division 1--Monitoring of superannuation funds with no more than 6 members

• 252A APRA or Commissioner of Taxation may request certain information  

Division 3--Transitional and savings provisions relating to the regulation of self managed superannuation funds by the Commissioner of Taxation

• 252D Definition  
• 252E Instruments made or issued by APRA or by the Commissioner of Taxation  
• 252F Obligations owed by or to APRA or the Commissioner of Taxation  
• 252G Outstanding annual returns and amounts  
• 252H Regulations  

PART 25--MONITORING--AND INVESTIGATION

Division 1--Preliminary

• 253 Objects of Part  
• 253A Notices may be given to former relevant persons  

Division 2--Monitoring

• 254 Information to be given to Regulator  
• 255 Regulator may require production of books  
• 256 Access to premises  
• 256A Alternative constitutional basis  

Division 3--APRA may require trustee of superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity

• 257 Investigation of financial position of superannuation entity  
• 258 Qualifications of investigator or investigators  
• 259 APRA may veto appointment of investigator or investigators  
• 260 Deadline for receipt of report  
• 261 Contents of report etc.  
• 262 Trustee must comply with requirements  

Division 3A--Regulator may accept and enforce undertakings

• 262A Acceptance and enforcement of undertakings  

Division 4--Investigations by Regulator

• 263 Investigations of superannuation entities, approved SMSF auditors and the conduct of certain audits  
• 264 Power of Regulator to obtain information or freeze assets  
• 265 Inspectors  
• 266 Delegation by inspector  
• 267 Regulator may exercise powers of inspector  
• 268 Inspector may enter premises for purposes of an investigation  
• 269 Inspector may require production of books  
• 270 Powers of inspector to require assistance from, and examine, current and former relevant persons and other persons  
• 271 Application for warrant to seize books not produced  
• 272 Grant of warrant  
• 273 Powers if books produced or seized  
• 274 Powers if books not produced  
• 275 Power to require person to identify property of superannuation entity  

Division 5--Examinations

• 276 Application of Division  
• 277 Requirements made of an examinee  
• 278 Examination to be in private  
• 279 Examinee's lawyer may attend  
• 280 Record of examination  
• 281 Giving copies of record to other persons  
• 282 Copies given subject to conditions  
• 283 Record to accompany report  

Division 6--Reports

• 284 Report of inspector  

Division 7--Offences

• 285 Compliance with requirements made under this Act  
• 286 Concealing books relevant to investigation  
• 287 Self - incrimination  
• 288 Legal professional privilege  
• 289 Powers of Court where non - compliance with this Act  

Division 8--Evidentiary use of certain material

• 290 Statements made at an examination: proceedings against examinee  
• 291 Statements made at an examination: other proceedings  
• 292 Weight of evidence admitted under section 291  
• 293 Objection to admission of statements made at examination  
• 294 Copies of, or extracts from, certain books  
• 295 Report under Division 6  
• 296 Exceptions to admissibility of report  
• 297 Material otherwise admissible  

Division 9--Miscellaneous

• 298 Regulator may cause civil proceeding to be begun  
• 298A Authorisation of members of staff  
• 299 Person complying with requirement not to incur liability to another person  

PART 25A--TAX--FILE NUMBERS

Division 1--Quotation of employee's tax file number

• 299A Employee may quote to employer  
• 299B Employer may inform trustee of tax file number  
• 299C Employer must inform trustee of tax file number  
• 299CA Use of tax file number to validate information  

Division 2--Quotation, use and transfer of beneficiary's tax file number

• 299D Eligible superannuation entity or regulated exempt public sector superannuation scheme beneficiary, or applicant, may quote tax file number  
• 299E Trustee may request beneficiary's or applicant's tax file number  
• 299F Trustee must request person who is beneficiary at commencement to quote tax file number  
• 299G Trustee must request person becoming beneficiary after commencement to quote tax file number  
• 299H Use of tax file number for certain purposes--beneficiaries of eligible superannuation entities  
• 299J Use of tax file number for certain purposes--beneficiaries of regulated exempt public sector superannuation scheme  
• 299K Use of tax file number for certain purposes--applicants to become beneficiaries of eligible superannuation entities  
• 299L Use of tax file number for certain purposes--applicants to become beneficiaries of regulated exempt public sector superannuation schemes  
• 299LA Use of tax file number to locate amounts or for consolidation  
• 299LB Use of tax file number to validate information  
• 299M Trustee of eligible superannuation entity must inform RSA provider or other trustee of tax file number for certain purposes  
• 299N Trustee of regulated exempt public sector superannuation scheme may inform RSA provider or other trustee of tax file number for certain purposes  
• 299NA Portability forms  

Division 3--Method of quotation of tax file numbers, including deemed quotation

• 299P Method of quoting tax file number  
• 299Q Employee taken to have quoted to trustee where trustee informed by employer  
• 299R Beneficiary or applicant taken to have quoted to RSA provider or trustee  
• 299S Person claiming benefit taken to have quoted to trustee where he or she provided tax file number in connection with claim  
• 299SA Beneficiary taken to have quoted where Commissioner gives notice  
• 299T Beneficiary taken to have quoted if he or she quoted for other purposes  

Division 3A--Commissioner of Taxation may issue notices about tax file numbers

• 299TA Effect of mistaken quotation of tax file number  
• 299TB Effect of invalid quotation of tax file number  
• 299TC Commissioner of Taxation may inform trustee of tax file number  
• 299TD Validation notice--beneficiaries of eligible superannuation entities  
• 299TE Validation notice--employees  
• 299TF Commissioner of Taxation may provide electronic interface  

Division 4--Provision of tax file numbers in forms etc.

• 299U Forms etc. may require tax file number  
• 299V Failure to quote tax file number  

Division 5--General

• 299W Definitions  
• 299X State insurance  
• 299Y Trustee of former regulated exempt public sector superannuation scheme to destroy records of tax file numbers  
• 299Z Transitional provisions  

PART 26--OFFENCES--RELATING TO STATEMENTS, RECORDS ETC.

• 300 Object of Part  
• 301 Interpretation  
• 303 Incorrectly keeping records etc.  
• 306 Incorrectly keeping or making records etc.  
• 307 Incorrectly keeping records with intention of deceiving or misleading etc.  
• 308 Falsifying or concealing identity with intention of deceiving or misleading etc.  

PART 27--POWERS--OF COURT

• 309 Object of Part  
• 310 Power to grant relief  
• 311 Power of Court to give directions with respect to meetings ordered by the Court  
• 312 Irregularities  
• 313 Power of Court to prohibit payment or transfer of money or property  
• 314 Court may order the disclosure of information or the publication of advertisements--contravention of provisions relating to issue of superannuation interests etc.  
• 315 Injunctions  
• 316 Effect of sections 313, 314 and 315  
• 317 Power of Court to punish for contempt of court  
• 318 Court may resolve transitional difficulties  

PART 28--PROCEEDINGS

• 319 Object of Part  
• 320 Power of Regulator to intervene in proceedings  
• 321 Civil proceedings not to be stayed  
• 322 Standard of proof  
• 323 Relief from civil liability for contravention of certain provisions  
• 324 Evidence of contravention  
• 324A Time for instituting criminal proceedings  
• 325 Vesting of property  

PART 29--EXEMPTIONS--AND MODIFICATIONS

• 326 Object of Part  
• 327 Interpretation  
• 328 Regulator's powers of exemption--modifiable provisions  
• 330 Regulator's powers of exemption--general issues  
• 331 Enforcement of conditions to which exemption is subject  
• 332 Regulator's powers of modification--modifiable provisions  
• 334 Regulator's powers of modification--general issues  
• 335 Variation and revocation of exemptions and modifications  
• 336 Notice of exemptions and modifications  

PART 29A--PROTECTIONS--IN RELATION TO INFORMATION

• 336F Self - incrimination  

PART 30--MISCELLANEOUS

• 337 Object of Part  
• 337A Trustee may give effect to award made under arbitration agreement  
• 338 Conduct by directors, servants and agents  
• 338A Liability of trustees required to ensure thing occurs  
• 339 Conviction does not relieve defendant from civil liability  
• 341 Civil immunity where defendant was complying with this Act  
• 342 Pre - 1 July 88 funding credits and debits  
• 343 Rules against perpetuities not to apply to superannuation entity  
• 344 Review of certain decisions  
• 345 Statements to accompany notification of decisions  
• 347 How information may be given to the Commissioner of Taxation  
• 347A The Regulator may collect statistical information  
• 348 The Regulator may publish statistical information  
• 348A Quarterly reports about superannuation  
• 349 This Act and the regulations to be subject to certain superannuation orders  
• 349A Payment out of a fund in accordance with the Bankruptcy Act 1966  
• 349B Acquisition of property  
• 350 Concurrent operation of State/Territory laws  
• 353 Regulations  

PART 32--ADDITIONAL--TRANSITIONAL PROVISIONS--TAX FILE NUMBERS

• 381 Object of Part  
• 383 Pre - 1 July 1994 quotation of tax file number to be treated as if made under provisions commencing on 1 July 1994