Document ID: chunk:federal_register_of_legislation:F2021L00361:body:0:p2
Version: federal_register_of_legislation:F2021L00361
Segment Type: other
Provision Reference: 
Character Range: 2946–5789

5

After subclause 5(d) insert:

       (da) a trustee of an SMSF, in relation to rollovers and transfers as the transferring fund or receiving fund, requested on and after 31 March 2021;

       (db) a trustee of an APRA-regulated superannuation entity or an SMSF, in relation to a release authority issued by the Commissioner of Taxation under Division 131 of Schedule 1 to the Taxation Administration Act 1953, on and after 31 March 2021;

Clause 6

Omit:

       This Standard does not apply to an APRA-regulated superannuation entity in relation to a closed product.

       Closed product for the purposes of clause 6, means a product that does not receive any contributions or rollovers, whether from an existing member or any other person, but that may rollover or transfer a member's withdrawal benefit to another superannuation entity.

After:

6 The Standard does not apply to certain transactions

Insert:

       This Standard does not apply to:

         (a)   an APRA-regulated superannuation entity in relation to a closed product.

         (b)   a rollover or transfer from a regulated superannuation fund or approved deposit fund if, when the transaction occurs, the superannuation entity is non-complying.

         (c)    a trustee of a regulated superannuation fund or approved deposit fund that has received a release authority issued on or after 31 March 2021 by the Commissioner of Taxation under Division 131 of Schedule 1 to the Taxation Administration Act 1953 outside of this Standard.

Clause 8

Omit subclause 8(d)

Clause 9 Terms used in this Standard

Omit subclause 9(c):

Before:

      (a)  medium to large employer, has the meaning given by subitem 20(4), and determined at the time under subitem 20(2), of Part 4 of Schedule 1 to the Superannuation Legislation Amendment (Stronger Super) Act 2012.

Insert:

    (a) APRA-regulated superannuation entity means an approved deposit fund or a regulated superannuation fund, but not a self-managed superannuation fund.

    (b) Closed product for the purposes of clause 6, means a product that does not receive any contributions or rollovers, whether from an existing member or any other person, but that may rollover or transfer a member's withdrawal benefit to another superannuation entity.

Amend:

Existing (a) and (b) to (c) and (d) below:

       (c)  medium to large employer, has the meaning given by subitem 20(4), and determined at the time under subitem 20(2), of Part 4 of Schedule 1 to the Superannuation Legislation Amendment (Stronger Super) Act 2012.

         (d)   small employer has the meaning given by subitem 20(4), and determined at the time under subitem 20(3), of Part 4 of Schedule 1 to the Superannuation Legislation Amendment (Stronger Super) Act 2012.

SCHEDULE 1 – TRANSITIONAL ARRANGEMENTS

Omit this Schedule