Document ID: chunk:federal_register_of_legislation:C2004A04637:body:0:p16
Version: federal_register_of_legislation:C2004A04637
Segment Type: other
Provision Reference: 
Character Range: 41067–43856

to be contributions to complying superannuation fund

  57. Section 25 of the Principal Act is amended:

    (a) by omitting from subsection (1) all the words after "the time the contribution is" and substituting the following words and paragraphs:

     "made, the employer has obtained a written statement, provided by or on behalf of the trustee of the fund, that the fund:

        (a) is a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993; and

      (b) is not subject to a direction under section 63 of that Act.";

    (b) by omitting from paragraph (2)(b) "operating while in breach of a superannuation fund condition under the Occupational Superannuation Standards Act 1987" and substituting "not a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993 or is operating while in breach of that Act or regulations under that Act";

  (c) by adding at the end the following subsection:

    "(3) Section 39 of the Superannuation Industry (Supervision) Act 1993 applies for the purposes of subsection (2) of this section in a corresponding way to the way in which it applies for the purposes of Division 2 of Part 5 of that Act.".

Payment of shortfall component

58. Section 65 of the Principal Act is amended by omitting from subsection (2) all the words after "at the time the payment is" and substituting the following words and paragraphs:

"made, the Commissioner has obtained a written statement, provided by or on behalf of the trustee of the fund, that the fund:

     (a) is a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993; and

  (b) is not subject to a direction under section 63 of that Act.".

Application of amendments

New definition of "superannuation fund"

59.(1) The amendment made by section 55 applies in relation to a fund for the 1994-95 year of income of the fund and for all later years of income.

Section 24

(2) The amendments made by section 56 apply to a scheme in relation to so much of a contribution period as occurs after the beginning of the scheme's 1994-95 year of income.

Section 25

(3) The amendments made by section 57 apply to contributions made to a superannuation fund at or after the beginning of the fund's 1994-95 year of income.

Section 65

(4) The amendment made by section 58 applies to a payment to a superannuation fund at or after the beginning of the fund's 1994-95 year of income.

PART 12—AMENDMENT OF THE SUPERANNUATION (PRODUCTIVITY BENEFIT) ACT 1988

Principal Act

60. In this Part, "Principal Act" means the Superannuation (Productivity Benefit) Act 198811.

Interpretation

  61. Section 3 of the Principal Act is amended:

  (a) by omitting the definition