Document ID: chunk:federal_register_of_legislation:C2004A04637:body:0:p14
Version: federal_register_of_legislation:C2004A04637
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Character Range: 35483–38535

Act 1993;

     (b) the Superannuation Industry (Supervision) Act 1993 or regulations under that Act.".

Regulations relating to the operation of the Superannuation Industry (Supervision) Act 1993 and certain other laws

  47. Section 155C of the Principal Act is amended:

     (a) by omitting from subsection (1) "the Occupational Superannuation Standards Act 1987" and substituting "an eligible regulatory law";

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

      "(3) In this section:

     'eligible regulatory law' means:

      (a) the Superannuation Industry (Supervision) Act 1993; or

        (b) the Superannuation Entities (Taxation) Act 1987 (including a repealed provision of that Act which continues to apply because of the Taxation Laws Amendment (Superannuation) Act 1992 or the Occupational Superannuation Standards Amendment Act 1993); or

      (c) the Superannuation (Resolution of Complaints) Act 1993; or

      (d) the Income Tax Assessment Act 1936.".

Application of amendments

48.(1) The amendment made by paragraph 42(b) applies in relation to a fund for the 1994-95 year of income of the fund and for all later years of income.

(2) Despite the repeal of section 80A of the Principal Act effected by this Part, that section continues to apply, in relation to repealed Part IIIA of the Occupational Superannuation Standards Act 1987, as if that first-mentioned repeal had not been effected.

(3) The reference in subsection (2) to repealed Part IIIA of the Occupational Superannuation Standards Act 1987 includes a reference to that Part as it continues to apply because of the Taxation Laws Amendment (Superannuation) Act 1992.

PART 9—AMENDMENT OF THE SUPERANNUATION ACT 1990

Principal Act

  49. In this Part, "Principal Act" means the Superannuation Act 19908.

Amendment of Trust Deed

50. Section 5 of the Principal Act is amended by omitting subsection (2) and substituting the following subsection:

"(2) If compliance with a provision of the Trust Deed as amended under subsection (1) would have the effect that the Superannuation Scheme:

     (a) would not be a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993; or

  (b) would not comply with that Act;

that provision is invalid.".

Application of amendment

51. The amendment made by this Part does not apply to the Superannuation Scheme in relation to a year of income of the Superannuation Scheme earlier than the 1994-95 year of income.

PART 10—AMENDMENT OF THE SUPERANNUATION BENEFITS (SUPERVISORY MECHANISMS) ACT 1990

Principal Act

52. In this Part, "Principal Act" means the Superannuation Benefits (Supervisory Mechanisms) Act 19909.

Provision of superannuation in accordance with Ministerial guidelines

53. Section 6 of the Principal Act is amended by omitting from subsection (6) all the words after "inconsistent" and substituting the following word and paragraphs:

"with:

     (c) regulations made under a provision of the Occupational Superannuation Standards Act 1987, as