Superannuation Industry (Supervision) Act 1993

PART 5 - NOTICES ABOUT COMPLYING FUND STATUS  

Division 2 - The Regulator may give notices about complying fund status  

SECTION 43  

43   COMPLYING APPROVED DEPOSIT FUND  
An entity is a complying approved deposit fund in relation to a year of income for the purposes of this Division if:


(a) at all times during the year of income when the entity was in existence, the entity was a resident approved deposit fund; and


(b) any of the following conditions is satisfied:


(i) the trustee did not contravene any of the regulatory provisions in relation to the entity in respect of the year of income;

(ii) both:

(A) the trustee contravened one or more of the regulatory provisions in relation to the entity in respect of the year of income on one or more occasions; and

(B) each contravention was rectified within a period of 30 days after the trustee became aware of the contravention or within such further period as APRA allows;

(iii) both:

(A) the trustee contravened one or more of the regulatory provisions in relation to the entity in respect of the year of income on one or more occasions; and

(B) APRA is satisfied that the seriousness or frequency, or both, of the contraventions does not warrant the giving of a notice stating that the entity is not a complying approved deposit fund in relation to the year of income;

(iv) APRA, after considering all relevant circumstances, thinks that a notice should be given stating that the entity is a complying approved deposit fund in relation to the year of income.



This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.