Superannuation Industry (Supervision) Act 1993
View history note
Hide history notePt 13 repealed by No 154 of 2007, s 3 and Sch 3 item 9, effective 24 September 2007.
Heading to Pt 13 amended by No 144 of 1995.
(Repealed by No 154 of 2007)
S 113 repealed by No 154 of 2007, s 3 and Sch 3 item 9, effective 24 September 2007.
Act No 154 of 2007, s 3 and Sch 3 item 14, contains the following saving and application provision.
14 Saving and application provisions
…
(2)
If, before 24 September 2007, an auditor had requested a trustee of a superannuation entity to give the auditor a document under subsection 113(1A) of the
Superannuation Industry (Supervision) Act 1993
and the request had not been complied with, the trustee
'
s obligation under subsection 113(1A) to ensure that the document is given to the auditor continues to apply despite the repeal of the subsection.
S 113 formerly read:
S 113(1) amended by No 53 of 2004, s 3 and Sch 2 items 180 to 182, by substituting
"
each trustee of
"
for
"
the trustee of
"
, substituting
"
ensure that
"
for
"
appoint
"
and substituting
"
is appointed to give the trustee, or the trustees, a report
"
for
"
to give the trustee a report
"
, effective 1 July 2004. S 113(1) amended by No 53 of 2004, s 3 and Sch 1 item 53, by inserting
"
, and the RSE licensee (if any) of the entity,
"
after
"
of the entity
"
, effective 1 July 2004. S 113(1), (1A), (2) and (2A) substituted for s 113(1) and (2) by No 160 of 2000, s 3 and Sch 3 item 56, effective 18 January 2001. S 113(1) formerly read: S 113(1A) substituted by No 53 of 2004, s 3 and Sch 2 item 183, effective 1 July 2004. S 113(1A) formerly read: S 113(1), (1A), (2) and (2A) substituted for s 113(1) and (2) by No 160 of 2000, s 3 and Sch 3 item 56, effective 18 January 2001. Maximum penalty: Imprisonment for 2 years. Subsection
4B(2)
of the
Crimes Act 1914
allows a court to impose an appropriate fine instead of, or in addition to, a term of imprisonment. If a body corporate is convicted of the offence, subsection
4B(3)
of that Act allows a court to impose a fine of an amount that is not greater than 5 times the maximum fine that could be imposed by the court on an individual convicted of the same offence.
SECTION 113 AUDIT OF ACCOUNTS AND STATEMENTS
113(1)
For each year of income, each trustee of a superannuation entity must ensure that an approved auditor is appointed to give the trustee, or the trustees, a report, in the approved form, of the operations of the entity, and the RSE licensee (if any) of the entity, for that year. The appointment must be made within whichever of the periods set out in the regulations that apply to the entity.
113(1)
The trustee of a superannuation entity must make such arrangements as are necessary to enable an approved auditor to give the trustee, within the prescribed period after the end of each year of income, a report in the approved form of the operations of the entity.
113(1A)
If an auditor requests, in writing, a trustee of a superannuation entity to give the auditor a document, each trustee of the entity must ensure that the document is given to the auditor within 14 days of the request being made. Only documents that are relevant to the preparation of the report may be requested.
113(1A)
The trustee must give to the auditor any document that the auditor requests, in writing, be given to him or her. The trustee must do so within 14 days of the request. Only documents that are relevant to the preparation of the report may be requested.
113(2)
A trustee is guilty of an offence if the trustee contravenes subsection (1) or (1A).
Note:
S 113(2) amended by No 53 of 2004, s 3 and Sch 2 item 184, by substituting " A trustee " for " The trustee " , effective 1 July 2004.
S 113(1), (1A), (2) and (2A) substituted for s 113(1) and (2) by No 160 of 2000, s 3 and Sch 3 item 56, effective 18 January 2001. S 113(2) formerly read:
113(2)
A person who intentionally or recklessly contravenes subsection (1) is guilty of an offence punishable on conviction by imprisonment for 2 years.
113(2A)
A trustee is guilty of an offence if the trustee contravenes subsection (1) or (1A). This is an offence of strict liability.
Maximum penalty: 50 penalty units.
Note 1:
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2:
For strict liability , see section 6.1 of the Criminal Code .
S 113(2A) amended by No 53 of 2004, s 3 and Sch 2 item 184, by substituting " A trustee " for " The trustee " , effective 1 July 2004.
S 113(1), (1A), (2) and (2A) substituted for s 113(1) and (2) by No 160 of 2000, s 3 and Sch 3 item 56, effective 18 January 2001.
113(3)
Without limiting the generality of subsection (1), an approved form:
(aa) must, if it is approved for a superannuation entity that is not a self managed superannuation fund, either:
(i) relate solely to the audit of financial statements given to APRA under the Financial Sector (Collection of Data) Act 2001 and prepared in respect of a year of income; or
(ii) relate not only to the audit of those statements, but also to the audit of such other accounts and statements, prepared in respect of a year of income, as are identified in the form; and
(a) must, if it is approved for a superannuation entity that is a self managed superannuation fund - either:
(i) relate solely to the audit of the accounts and statements referred to in subsection 112(1) and prepared in respect of a year of income; or
(ii) relate not only to the audit of those accounts and statements, but also to the audit of such other accounts and statements, prepared in respect of a year of income, as are identified in the form; and
(b) must include a statement by the auditor as to whether, in the opinion of the auditor, each trustee of the entity and the RSE licensee (if any) of the entity has complied with the provisions of this Act and the regulations and the Financial Sector (Collection of Data) Act 2001 , identified in the form, during that year of income; and
(c) must, if it is approved for a registrable superannuation entity that is registered under Part 2B , include a statement by the auditor as to whether, in the opinion of the auditor, the RSE licensee of the entity:
(i) has complied with each risk management plan for the entity that applied during that year; and
(ii) has adequate systems to ensure future compliance with any risk management plan for the entity; and
(iii) has complied with each risk management strategy that applied to the RSE licensee during that year in relation to risks arising from any activities, and proposed activities, as RSE licensee of the entity, and all other activities, or proposed activities, relevant to those activities; and
(iv) has adequate systems to ensure future compliance with the risk management strategy for the RSE licensee in relation to future risks arising from any proposed future activities as RSE licensee of the entity, and all other proposed future activities relevant to those activities.
S 113(3) amended by No 53 of 2004, s 3 and Sch 2 item 185, by substituting " each trustee of the entity " for " the trustee " in para (b), effective 1 July 2004.
S 113(3) amended by No 53 of 2004, s 3 and Sch 1 items 54 and 55, by inserting " and the RSE licensee (if any) of the entity " before " has complied with " and inserting para (c), effective 1 July 2004.
S 113(3) amended by No 121 of 2001, s 3 and Sch 2 items 132A, 133 and 134, by inserting para (aa), inserting " if it is approved for a superannuation entity that is a self managed superannuation fund - " after " must " in para (a), and inserting " and the Financial Sector (Collection of Data) Act 2001 " after " regulations " in para (b), effective 1 July 2002. For application provision see history note under s 36(1).
113(4)
The auditor must give the report to each trustee of the entity within the specified period after the end of the year of income. The period is specified in the regulations.
S 113(4) amended by No 53 of 2004, s 3 and Sch 2 item 186, by substituting " each trustee of the entity " for " the trustee " , effective 1 July 2004.
S 113(4), (5) and (6) substituted for s 113(4) and (5) by No 160 of 2000, s 3 and Sch 3 item 57, effective 18 January 2001. S 113(4) formerly read:
113(4)
The auditor must give the report to the trustee within the period referred to in subsection (1).
113(5)
The auditor is guilty of an offence if the auditor contravenes subsection (4).
Maximum penalty: Imprisonment for 6 months.
Note:
Subsection 4B(2) of the Crimes Act 1914 allows a court to impose an appropriate fine instead of, or in addition to, a term of imprisonment. If a body corporate is convicted of the offence, subsection 4B(3) of that Act allows a court to impose a fine of an amount that is not greater than 5 times the maximum fine that could be imposed by the court on an individual convicted of the same offence.
S 113(4), (5) and (6) substituted for s 113(4) and (5) by No 160 of 2000, s 3 and Sch 3 item 57, effective 18 January 2001. S 113(5) formerly read:
113(5)
A person who intentionally or recklessly contravenes subsection (4) is guilty of an offence punishable on conviction by imprisonment for 6 months.
113(6)
The auditor is guilty of an offence if the auditor contravenes subsection (4). This is an offence of strict liability.
Maximum penalty: 50 penalty units.
Note 1:
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2:
For strict liability , see section 6.1 of the Criminal Code .
S 113(4), (5) and (6) substituted for s 113(4) and (5) by No 160 of 2000, s 3 and Sch 3 item 57, effective 18 January 2001.
S 113 substituted by No 144 of 1995.
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