Document ID: chunk:federal_register_of_legislation:C2004A04637:body:0:p13
Version: federal_register_of_legislation:C2004A04637
Segment Type: other
Provision Reference: 
Character Range: 32697–35765

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 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

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

PART 8—AMENDMENT OF THE SUPERANNUATION ACT 1976

Principal Act

  41. In this Part, "Principal Act" means the Superannuation Act 19767.

Interpretation

  42. Section 3 of the Principal Act is amended:

     (a) by omitting "within the meaning of the Occupational Superannuation Standards Act 1987" from paragraph (e) of the definition of "deferred annuity" in subsection (1);

     (b) by omitting "Occupational Superannuation Standards Act 1987" from the definition of "preservation fund" in subsection (1) and substituting "Superannuation Industry (Supervision) Act 1993".

Fund to be managed by Board

43. Section 41 of the Principal Act is amended by omitting from subsection (3) "standards prescribed by regulations under the Occupational Superannuation Standards Act 1987" and substituting "the Superannuation Industry (Supervision) Act 1993".

Repeal of section 80A

  44. Section 80A of the Principal Act is repealed.

Interpretation

45. Section 110A of the Principal Act is amended by omitting from the definition of "preservation fund" all the words after "in accordance" and substituting the following word and paragraphs:

"with:

     (a) standards prescribed by regulations made for the purposes of a provision of the Occupational Superannuation Standards Act 1987, as that provision:

        (i) applies to a year of income of a fund earlier than the 1994-95 year of income; or

        (ii) continues to apply, despite its repeal, because of the Occupational Superannuation Standards Amendment Act 1993; or

     (b) standards prescribed by regulations under the Superannuation Industry (Supervision) Act 1993;".

Payment of transfer values to Commissioner

46. Section 128 of the Principal Act is amended by omitting from subsection (4C) all the words after "satisfy" and substituting:

"whichever of the following (if any) is applicable to the benefit:

     (a) the superannuation fund conditions applicable under the provisions of the Occupational Superannuation Standards Act 1987, as those provisions:

        (i) apply to a year of income of a fund earlier than the 1994-95 year of income; or

        (ii) continue to apply, despite their repeal, because of the Occupational Superannuation Standards Amendment 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)