Document ID: chunk:federal_register_of_legislation:C2019C00093:clause:1_12
Version: federal_register_of_legislation:C2019C00093
Segment Type: clause
Provision Reference: sch 1 cl 12
Character Range: 42528–44520

12  Applications for authority to offer a MySuper product for a large employer
(1) This item applies if:
 (a) an RSE licensee makes an application to APRA before 1 July 2013 under section 29S of the SIS Act for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product; and
 (b) the application is made on the basis that the class of interest is one in relation to which section 29TB of the SIS Act is satisfied.
(2) Section 29SB of the SIS Act (period for considering the application) applies as if:
 (a) the application were received on 1 July 2013; and
 (b) the references in paragraphs (1)(a) and (b) of that section to "60 days" were instead references to "120 days".
(3) Sections 29WA and 29WB of the SIS Act (contributions in relation to which no election made) do not apply in relation to a contribution if:
 (a) the contribution is made during the period in which APRA decides the application (see section 29SB of the SIS Act); and
 (b) the contribution is paid into the class of beneficial interest to which the application relates.
(4) On and after 1 January 2014, a contribution to the fund is taken to satisfy paragraph 32C(2)(c) of the SG Act (employer's superannuation guarantee obligation) if the contribution is made during the period in which APRA decides the application (see section 29SB of the SIS Act).
(5) If APRA refuses the application, then:
 (a) a contribution to the fund made on or after 1 January 2014 is taken to satisfy paragraph 32C(2)(c) of the SG Act, provided it is made before the end of the grace period; and
 (b) sections 29WA and 29WB of the SIS Act do not apply in relation to a contribution to the fund made on or after 1 January 2014, provided it is paid into the class of beneficial interest to which the application relates before the end of the grace period.
(6) For the purposes of subitem (5), the grace period is a period of 3 months beginning on the day on which APRA refuses the application.