Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:1:p76
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 1 (pt 76/148)
Character Range: 522130–524803

superannuation product or an RSA, the product or service is provided to the person as a retail client unless:
(a) the client is a wholesale client under paragraph 761G(7)(a), (b) or (d) of the Act; or
(b) the person who acquires the product or service gives the provider of the product or service, before the provision of the product or service, a copy of a certificate given within the preceding 6 months by a qualified accountant that states that the person:
(i) has net assets of at least the amount specified in regulations made for the purposes of subparagraph 761G(7)(c)(i) of the Act; or
(ii) has a gross income for each of the last 2 financial years of at least the amount specified in regulations made for the purposes of subparagraph 761G(7)(c)(ii) of the Act a year.

Division 3—When does a person provide a financial service?

7.1.28AA  Provision of financial product advice about default funds
  For paragraph 766A(1)(f) of the Act, the provision of financial product advice to an employer about the choice of a fund to which to contribute for the benefit of those employees for whom there is no chosen fund (within the meaning of the Superannuation Guarantee (Administration) Act 1992) is prescribed.
Note: The financial product advice provided to the employer is a financial service provided to a person as a retail client: see paragraph 761G(6)(b) of the Act.

7.1.28A  Circumstances in which a person is taken to be provided a traditional trustee company service
  For subsection 766A(1B) of the Act, a person who is one of the following:
 (a) a person who may request an annual information return under subregulation 5D.2.01(3);
 (b) a person who requests the preparation of a will, a trust instrument, a power of attorney or an agency arrangement;
is, in relation to an estate management function, prescribed as the person to whom the service is taken to be provided.

7.1.29  Circumstances in which a person is taken not to provide a financial service
 (1) For paragraph 766A(2)(b) of the Act, a person who provides an eligible service is taken not to provide a financial service if:
 (a) the person provides the eligible service in the course of conducting an exempt service; and
 (b) it is reasonably necessary to provide the eligible service in order to conduct the exempt service; and
 (c) the eligible service is provided as an integral part of the exempt service.
 (2) For this regulation, a person provides an eligible service if the person engages in conduct mentioned in paragraphs 766A(1)(a) to (f) of the Act.
 (3) For this regulation, a person who does any of the following provides an exempt service:
 (a) provides advice in relation to the