Document ID: chunk:federal_register_of_legislation:F2024L00434:body:0:p12
Version: federal_register_of_legislation:F2024L00434
Segment Type: other
Provision Reference: 
Character Range: 44631–49000

superannuation funds (SMSFs)                         Means a fund that meets the conditions in sections 17A and 17B of the Superannuation Industry (Supervision) Act 1993.

                                                                  SMSFs are established to provide benefits for its members on retirement, resignation, death or disablement, with the superannuation fund usually taking the legal form of a trust fund.

                                                                  It includes: superannuation funds with 1-4 members that are regulated by the Australian Taxation Office.

                                                                  It excludes: superannuation funds with 5 or more members. Report these under other superannuation funds.

Special purpose vehicle (SPV)                                     Means a legal entity created at the direction of a sponsor.

                                                                  The SPV can take the form of a corporation, trust, partnership or a limited liability company.  SPVs are generally structured to be bankruptcy remote from the sponsor, so that if the sponsor enters bankruptcy proceedings, the sponsor's creditors cannot seize the assets of the SPV.

                                                                  SPVs are often used during the securitisation process, where the cash flow-producing assets backing the security are often sold to an SPV.

                                                                  SPVs do not fit within a single sub-sector, and may be reported under non-financial businesses or financial institutions as appropriate.

State, territory and local general government                     Means entities that provide non-market goods and services, principally financed by taxes, for free or at a price well below the cost of production. These entities regulate economic activity, maintain law and order and redistribute income and wealth by means of transfers.

                                                                  It includes:

                                                                       * state and local government unincorporated enterprises that provide goods and services to their government and/or to the public for free or at prices that are not economically significant (e.g. government employee cafeterias, municipal swimming pools);
                                                                       * non-profit institutions (NPIs) controlled and mainly financed by state and local government;
                                                                       * state government quasi-corporations which sell their output, at near market prices, exclusively to other government units (e.g. government printers);
                                                                       * state and territory government departments and agencies; and
                                                                       * public (state) schools, technical and further education colleges and state-owned hospitals.

                                                                  It excludes:

                                                                       * all state and local government trading enterprises and financial enterprises (e.g. rail, and municipal water authorities).  Report these under state, territory and local government non-financial corporations or financial institutions as appropriate;
                                                                       * state and territory central borrowing authorities or treasury corporations.  Report these under central borrowing authorities; and
                                                                       * NPIs credited for philanthropic purposes that are financed mainly from donations or government grants.  Report these under community service organisations.

State, territory and local government non-financial corporations  Means businesses that are owned and controlled by state, territory or local governments and that produce goods or non-financial services for sale at market prices.

                                                                  It includes: all resident trading enterprises of which 50% or more is owned by state, territory or local government or controlled by state, territory