Source: https://www.legislation.gov.au/Details/C2004A04813
Timestamp: 2019-08-26 10:17:58
Document Index: 269595566

Matched Legal Cases: ['ART 2', 'ART 3', 'ART 1', 'art 2', 'art 2', 'ART 2', 'art 15', 'art 17', 'arts 1', 'ART 3']

Details: C2004A04813
- C2004A04813
Act No. 140 of 1994 as made
An Act to amend the law relating to superannuation
Date of Assent 28 Nov 1994
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994
- Assented to 28 November 1994
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - TABLE OF PROVISIONS
PART 2-AMENDMENT OF THE SUPERANNUATION INDUSTRY
Division 2-Amendments relating to the rules of
Division 3-Amendments relating to non-bank financial institutions
8.  Definitions
9.  Meaning of "in-house asset"
Division 4-Amendments relating to the purposes for which
an approved deposit fund may be maintained
10.   Object
Division 5-Amendments relating to the meaning of the expressions
"private sector fund" and "public sector fund"
12.   Object
13.   Definitions
Division 6-Amendments to make technical corrections to the
14.   Object
15.   Definitions
16.   Application
Division 7-Amendments relating to applications for the issue of
superannuation interests and applications to become a standard
17.   Object
18.   Trustee must not issue interests, or permit persons to become
standard employer-sponsors, except pursuant to applications
Division 8-Amendments relating to arm's length investments of
19.   Object
20.   Investments of superannuation entity to be made on arm's
Division 9-Amendment relating to rollover of benefits between
21.   Object
22.   What happens if benefits are below minimum amount
Division 10-Amendments relating to the validity of the
23.   Object
24.   Trustee not to be subject to direction
25.   Exercise of discretion by person other than trustee
Division 11- Amendments relating to the rule prohibiting a
superannuation fund from acquiring assets from its members
26.   Object
27.   Acquisitions of certain assets from members of regulated
Division 12-Amendments relating to the representation of employers
and members in relation to the management and control of standard
28.   Object
29.   Pre-1 July 1995 rules-funds with 200 or more members
30.   Post-30 June 1995 rules-funds with more than 4, but fewer
than 50, members
31.   Post-30 June 1995 rules-funds with more than 49 members
Division 13- Amendment relating to the transition to the
superannuation industry supervision scheme
32.   Object
33.   Existing trustee may give notice of retirement
Division 14-Amendments relating to the disclosure of information
34.   Objects
35.   Secrecy
Division 15-Amendments relating to the payment of amounts
equal to the interests of beneficiaries in approved
36.   Object
37.   Definitions
38.   Approved deposit funds-payments by trustees
39.   Covenants to repay amounts to beneficiaries in approved
Division 16-Amendments relating to rights in respect of benefits
that have been automatically rolled-over between funds
40.   Object
41.   Rights of beneficiary to rolled-over benefits
Division 17-Amendment relating to custodians of
42.   Object
43.   Insertion of new section:
126A.     Disqualified persons not to be custodians of
Division 18-Amendment relating to the removal of trustees of
public offer entities
44.   Object
45.   Insertion of new section:
60A.    Dismissal of trustee of public offer entity
Division 19-Amendment relating to arrangements for dealing with
46.   Object
47.   Duty to establish arrangements for dealing with inquiries or
Division 20-Application of certain amendments
48.   Application
PART 3-AMENDMENT OF THE SUPERANNUATION (RESOLUTION OF
COMPLAINTS) ACT 1993
Division 2-Technical correction
50.   Object
51.   Interpretation
Division 3-Amendments relating to exempt public sector
52.   Objects
53.   Insertion of new section:
4A.   Act applies to certain exempt public sector
54.   Functions
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - LONG TITLE
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - PART 1
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 1
1. This Act may be cited as the Superannuation Industry (Supervision) Legislation Amendment Act 1994.
Senate on 5 May 1994
House of Representatives on 20 October 1994)
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 2
(2) Divisions 5, 12 and 15 of Part 2 are taken to have commenced on 1 December 1993.
(3) Divisions 7, 8, 11 and 17 of Part 2 commence on the twenty-eighth day after the day on which this Act receives the Royal Assent.
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - PART 2
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - DIVISION 1
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 3
3. In this Part, "Principal Act" means the Superannuation Industry (Supervision) Act 1993*1*.
*1*  No. 78, 1993, as amended. For further amendments, see No. 118, 1993.
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - DIVISION 2
Division 2-Amendments relating to the rules of approved
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 4
4. The object of this Division is to abolish the requirement for approved
deposit funds to have approved rules.
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 5
(a) by omitting "and" from the end of paragraph (b) of the definition of "approved deposit fund";
(b) by omitting paragraph (c) of the definition of "approved deposit fund";
(c) by omitting the definition of "approved rules".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 6
6. The amendments made by this Division apply in determining whether a fund is an approved deposit fund at any time after the commencement of this section.
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - DIVISION 3
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 7
7. The objects of this Division are:
(a) to allow approved guarantees to be given by approved non-bank financial institutions; and
(b) to exclude deposits with approved non-bank financial institutions from the definition of "in-house asset".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 8
(a) by omitting the definition of "approved guarantee" and substituting the following definition:
" 'approved guarantee' means:
(a) a guarantee given by an approved bank; or
(b) a guarantee given by an approved non-bank financial institution; or
(c) a guarantee given by or on behalf of the Commonwealth, a State or a Territory;";
" 'approved non-bank financial institution' means a society, or a special services provider, within the meaning of any of the following codes:
(j) a special services provider (within the meaning of any of those codes) that is specified in the regulations;".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 9
Meaning of "in-house asset"
9. Section 71 of the Principal Act is amended by inserting after paragraph (1)(b) the following paragraph:
"(ba) a deposit with an approved non-bank financial institution; or".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - DIVISION 4
Division 4-Amendments relating to the purposes for which an
approved deposit fund may be maintained
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 10
10. The object of this Division is to enable the Commissioner to extend the purposes for which an approved deposit fund may be maintained.
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 11
11. Section 10 of the Principal Act is amended:
(a) by omitting "the purposes of" from the definition of "approved purposes";
(b) by inserting "the purpose of" before "receiving" in paragraph (a) of the definition of "approved purposes";
(c) by inserting "the purpose of" before "dealing" in paragraph (b) of the definition of "approved purposes";
(d) by adding at the end of the definition of "approved purposes" the following word and paragraph:
"and (d) such other purposes (if any) as the Commissioner approves in writing;".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - DIVISION 5
Division 5-Amendments relating to the meaning of the
expressions "private sector fund" and "public sector fund"
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 12
12. The object of this Division is to confirm that the expressions "private sector fund" and "public sector fund" are confined to funds covered by paragraph (a) of the definition of "superannuation fund" in section 10 of the Principal Act.
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 13
(a) by inserting "covered by paragraph (a) of the definition of 'superannuation fund'," before "other than" in the definition of "private sector fund";
(b) by omitting from the definition of "public sector fund" all the words after "superannuation fund" and substituting the following words and paragraphs:
(a) covered by paragraph (a) of the definition of 'superannuation fund'; and
(b) part of a public sector superannuation scheme;".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - DIVISION 6
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 14
14. The object of this Division is to make technical corrections to the definition of "reviewable decision".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 15
15. Section 10 of the Principal Act is amended:
(a) by omitting "18(5) or (6)" from paragraph (a) of the definition of "reviewable decision" and substituting "18(6) or (7)";
(b) by omitting "18(9)" from paragraph (b) of the definition of "reviewable decision" and substituting "18(10)".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 16
16. The amendments made by this Division apply to decisions made before or after the commencement of this section.
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - DIVISION 7
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 17
17. The object of this Division is to regulate the following types of applications:
(a) an application for the issue of a superannuation interest in a public offer entity;
(b) an application to become a standard employer-sponsor of a public offer entity.
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 18
Trustee must not issue interests, or permit persons to become standard
employer-sponsors, except pursuant to applications
18. Section 153 of the Principal Act is amended:
(a) by inserting in subsections (1) and (2) "eligible" before "application";
"(3) For the purposes of this section, an application is an eligible application if:
"(4) The Commissioner may make a written determination for the purposes of subsection (3).
"(5) An instrument under subsection (4) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - DIVISION 8
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 19
19. The object of this Division is to ensure that the parties to an investment transaction of a superannuation entity can deal with each other otherwise than at arm's length so long as the terms and conditions of the relevant transaction are no more favourable than those which it is reasonable to expect would apply if the parties were dealing with each other at arm's length.
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 20
Investments of superannuation entity to be made on arm's length basis
20. Section 109 of the Principal Act is amended by omitting subsection (1) and substituting the following subsection:
"(1) The trustee or investment manager of a superannuation entity must not invest money of the entity unless:
(i) the trustee or investment manager, as the case may be, and the
other party to the relevant transaction are not dealing with each other at arm's length in respect of the transaction; and
(ii) the terms and conditions of the transaction are no more
favourable to the other party than those which it is reasonable to expect would apply if the trustee or investment manager, as the case may be, were dealing with the other party at arm's length in the same circumstances.".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - DIVISION 9
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 21
21. The object of this Division is to modify the test for determining the minimum threshold for automatic rollover of benefits between funds.
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 22
What happens if benefits are below minimum amount
22. Section 248 of the Principal Act is amended by omitting paragraph (b) and substituting the following paragraph:
"(b)the amount concerned is less than the minimum amount ascertained in accordance with the regulations;".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - DIVISION 10
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 23
23. The object of this Division is to ensure that the governing rules of a superannuation entity are only invalid to the extent of any inconsistency with subsections 58(1) and 59(1) of the Principal Act.
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 24
Trustee not to be subject to direction
24. Section 58 of the Principal Act is amended by omitting subsection (3) and substituting the following subsection:
"(3) If the governing rules of a superannuation entity are inconsistent with subsection (1), that subsection prevails, and the governing rules are, to the extent of the inconsistency, invalid.".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 25
Exercise of discretion by person other than trustee
25. Section 59 of the Principal Act is amended by omitting subsection (2) and substituting the following subsection:
"(2) If the governing rules of a superannuation entity are inconsistent with subsection (1), that subsection prevails, and the governing rules are, to the extent of the inconsistency, invalid.".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - DIVISION 11
Division 11-Amendments relating to the rule prohibiting a
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 26
26. The object of this Division is to allow an excluded superannuation fund to acquire real property used in a business carried on by a member, or a relative of a member, only if the business is the principal business of the member or of the relative, as the case requires.
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 27
27. Section 66 of the Principal Act is amended:
(a) by inserting in paragraph (2)(a) "exempt" before "business real property";
(b) by omitting "the person's business" from the definition of "business real property" in subsection (5) and substituting "a business carried on by the person";
(c) by inserting in subsection (5) the following definition:
" 'exempt business real property', in relation to a person, means:
(a) if the person carries on a single business-the business real property of the person; or
(b) if the person carries on 2 or more businesses-so much of the business real property of the person as is used wholly and exclusively in whichever of those businesses is the principal business carried on by the person;".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - DIVISION 12
Division 12-Amendments relating to the representation of
employers and members in relation to the management and
control of standard employer-sponsored funds
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 28
28.  The object of this Division is to give standard employer-sponsored funds the option of complying with the basic equal representation rules if the funds are public offer funds.
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 29
Pre-1 July 1995 rules-funds with 200 or more members
29. Section 91 of the Principal Act is amended by omitting paragraph (3)(a) and substituting the following paragraph:
"(a) either:
(ii) the fund must comply with the basic equal representation rules; and".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 30
Post-30 June 1995 rules-funds with more than 4, but fewer than 50, members
30. Section 92 of the Principal Act is amended by omitting paragraph (3)(a) and substituting the following paragraph:
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 31
Post-30 June 1995 rules-funds with more than 49 members
31. Section 93 of the Principal Act is amended by omitting paragraph (3)(a) and substituting the following paragraph:
(ii) the fund must comply with the basic equal representation
rules; and".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - DIVISION 13
Division 13-Amendment relating to the transition to the
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 32
32. The object of this Division is to ensure that the existing trustee of a superannuation entity may retire without having to hold a meeting of beneficiaries.
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 33
33. Section 363 of the Principal Act is amended by inserting after subsection (2) the following subsection:
"(2A) The provisions of the governing rules of the fund or trust concerned have no effect to the extent to which they require the holding of a meeting of beneficiaries before the existing trustee may give a notice.".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - DIVISION 14
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 34
34. The objects of this Division are:
(a) to authorise the disclosure of information to the Superannuation Complaints Tribunal; and
(b) to allow the Minister to authorise the public disclosure of information collected under the Principal Act; and
(c) to limit the circumstances in which personal information may be disclosed.
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 35
35. Section 346 of the Principal Act is amended:
(a) by inserting after paragraph (6)(c) the following paragraph:
"(ca) the Superannuation Complaints Tribunal for the purposes of the performance of any of its functions or the exercise of any of its powers; or";
(b) by adding at the end of subsection (6) the following word and paragraph:
"; or (f) if the Minister states in writing that, in his or her opinion, it is in the public interest that the information be disclosed or the document be produced to members of the public-a member of the public.";
Limitation on disclosure of personal information
"(6A) Paragraphs (6)(e) and (f) do not authorise the disclosure of information, or the production of a document, relating to the personal affairs of an individual if the disclosure or production, as the case requires, would be unreasonable in the circumstances.".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - DIVISION 15
Division 15-Amendments relating to the payment of amounts equal
to the interests of beneficiaries in approved deposit funds
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 36
36. The object of this Division is to clarify the obligations imposed on the trustee of an approved deposit fund in relation to the payment of amounts equal to the interests of beneficiaries.<-
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 37
37. Section 10 of the Principal Act is amended by omitting paragraph (c) of
the definition of "approved purposes" and substituting the following paragraph:
"(c) subject to any inconsistent requirement in the standards from time to time applicable to the fund under section 32, the purpose of paying to beneficiaries, or to the legal personal representatives of beneficiaries, upon request, amounts equal to the beneficiary's interest in the fund;".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 38
Approved deposit funds-payments by trustees
38. Section 15 of the Principal Act is amended:
(a) by inserting in subsection (1) "and for the purposes of section 53" after "section 10";
(b) by omitting paragraph (1)(a) and substituting the following paragraph:
"(a) a beneficiary has an interest in a fund; and";
(c) by omitting from paragraph (1)(b) "a beneficiary, the amount" and substituting "the beneficiary, an amount equal to the beneficiary's interest";
(d) by omitting from subsection (1) "amount is taken to be a repayment by the fund of the amount concerned" and substituting "trustee of the fund is taken to have paid the amount";
"(1A) For the purposes of paragraph (c) of the definition of 'approved purposes' in section 10 and for the purposes of section 53, if:
(b) on the request of the beneficiary, an amount equal to the beneficiary's interest is paid by the fund to:
"(1B) For the purposes of paragraph (c) of the definition of 'approved purposes' in section 10, if a payment is not made immediately on request but is deferred for a period determined by the trustee concerned, the payment is taken to have been made on request.";
(f) by inserting in subsection (2) "or (1A)" after "(1)".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 39
Covenants to repay amounts to beneficiaries in approved deposit funds
39. Section 53 of the Principal Act is amended:
"(a) that, if:
(i) a beneficiary, by written notice given to the trustee,
requests the trustee to pay to the beneficiary an amount equal to the beneficiary's interest in the fund; and
(ii) compliance by the trustee with the request would not be
inconsistent with the standards applicable to the fund under section 32;
the trustee will pay that amount within a period (not being more than 12 months) determined by the trustee; and";
Legal personal representatives of beneficiaries
"(2A) A reference in subsection (2) to a beneficiary includes a reference to the legal personal representative of a beneficiary.
Note: Section 15 sets out additional rules relating to the interpretation of subsection (2).".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - DIVISION 16
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 40
40. The object of this Division is to ensure that mere contingent rights to death or disability benefits are not treated as rights in respect of benefits that have been automatically rolled-over between funds.
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 41
Rights of beneficiary to rolled-over benefits
41. Section 251 of the Principal Act is amended by adding at the end the following subsections:
"(2) For the purposes of this section, a mere contingent right to a death or disability benefit is taken not to be a right in respect of the first-mentioned benefits.
"(3) Subsection (2) is enacted for the avoidance of doubt.".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - DIVISION 17
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 42
42. The object of this Division is to provide that disqualified persons (within the meaning of Part 15 of the Principal Act) must not be custodians of superannuation entities.
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 43
43. After section 126 of the Principal Act the following section is inserted:
Disqualified persons not to be custodians of superannuation entities
"126A. (1) A person must not intentionally be, or act as, a custodian of a superannuation entity (other than an excluded fund) if the person is, and knows that the person is, a disqualified person.
Exception-transition to new custodian
"(2) Subsection (1) does not prohibit a person from being or acting as a custodian of a superannuation entity if:
(a) the person immediately tells the trustee of the entity and the Commissioner in writing that the person is, or has become, a disqualified person; and
(b) the person is, or is acting as, the custodian of the entity during:
(i) the 28-day period beginning at whichever is the later of the
(A) the time when the person became a disqualified person;
(B) the beginning of the entity's 1994-95 year of income; or
(c) the trustee of the entity has made, or proposes to make, arrangements for the orderly dismissal of the person as the custodian; and
Prohibition-responsible officer of body corporate
"(3) A body corporate that is a custodian of a superannuation entity must not permit a disqualified person to be, or act as, a responsible officer of the body corporate if the body corporate knows, or has reasonable grounds to suspect, that the person is a disqualified person.
Obligations where custodian is or becomes a disqualified person
"(4) If a custodian of a superannuation entity is or becomes a disqualified person:
(a) the custodian must immediately tell the trustee of the entity and the Commissioner in writing; and
(b) the trustee must make arrangements for the orderly dismissal of the custodian; and
(c) the trustee must make those arrangements before the end of:
(A) the time when the custodian became a disqualified person;
Contravention of paragraph (4)(a)
"(5) A person who contravenes subsection (4) because of paragraph (a) of that subsection is guilty of an offence punishable on conviction by a fine not exceeding 50 penalty units.
Contravention of paragraph (4)(b) or (c)
"(6) A person who contravenes subsection (4) because of paragraph (b) or (c) of that subsection is guilty of an offence punishable on conviction by a fine not exceeding 100 penalty units.".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - DIVISION 18
Division 18-Amendment relating to the removal of trustees
of public offer entities
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 44
44. The object of this Division is to ensure that the governing rules of a public offer entity do not permit the trustee of the entity to be removed by a person other than the Commissioner. However, this rule will not apply if the removal is of a kind specified in the regulations.
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 45
45. After section 60 of the Principal Act the following section is inserted:
Dismissal of trustee of public offer entity
"60A. (1) Subject to subsection (2), the governing rules of a public offer entity must not permit the trustee to be removed by a person other than the Commissioner.
Note: Part 17 provides for the removal of trustees by the Commissioner.
"(2) Subsection (1) does not apply to a removal of a kind specified in regulations made for the purposes of this subsection.
"(3) If the governing rules of the public offer entity are inconsistent with subsection (1), that subsection prevails, and the governing rules are, to the extent of the inconsistency, invalid.".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - DIVISION 19
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 46
46. The object of this Division is to require the trustee of an exempt public sector superannuation scheme that is subject to the Superannuation (Resolution of Complaints) Act 1993 to set up arrangements for dealing with inquiries or complaints.
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 47
Duty to establish arrangements for dealing with inquiries or complaints
47. Section 101 of the Principal Act is amended by adding at the end the following subsection:
'regulated superannuation fund' includes an exempt public sector superannuation scheme that is a regulated superannuation fund for the purposes of the Superannuation (Resolution of Complaints) Act 1993.".
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - DIVISION 20
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - SECT 48
48. The amendments made by this Part (other than the amendments of Parts 1, 19 and 24 of the Principal Act) do not apply to a fund, scheme or trust in relation to a year of income of the fund, scheme or trust earlier than the 1994-95 year of income.
SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT ACT 1994 No. 140, 1994 - PART 3
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49. In this Part, "Principal Act" means the Superannuation (Resolution of Complaints) Act 1993*2*.
*2*  No. 80, 1993.
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50. The object of this Division is to make a technical correction to the definition of "excluded subject matter" in subsection 3(2) of the Principal Act.
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51. Section 3 of the Principal Act is amended by inserting "subject matter" after "means" in the definition of "excluded subject matter" in subsection (2).
Division 3-Amendments relating to exempt public sector superannuation schemes
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52. The objects of this Division are:
(a) to enable regulations to be made subjecting exempt public sector superannuation schemes to the Principal Act; and
(b) to allow the Superannuation Complaints Tribunal to perform functions conferred on it by a law of a State or Territory, where the functions relate to exempt public sector superannuation schemes.
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53. After section 4 of the Principal Act the following section is inserted:
Act applies to certain exempt public sector superannuation schemes
"4A. The regulations may provide that a specified exempt public sector superannuation scheme is taken to be a regulated superannuation fund for the purposes of this Act. The scheme must be:
(ii) under the authority of the Commonwealth.".
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54. Section 12 of the Principal Act is amended by adding at the end the following subsection:
"(2) In addition to the functions conferred on the Tribunal by a law of the Commonwealth, the Tribunal may perform functions conferred on the Tribunal by a law of a State or Territory, where:
(b) the schemes are not specified in regulations made for the purposes of section 4A.".