OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART II - SUPERANNUATION FUNDS  

Division 2 - Information on fund management  

Subdivision F - Information disclosed to employer-contributors or the Commissioner  

REGULATION 18QA   NOTIFICATION OF BREACH TO EMPLOYER SPONSORS: SUBSECTION 12(3A) OF THE ACT  

18QA(1)   [ Scope of regulation ]  

For the purposes of subparagraph 12(3A)(a)(ia) of the Act, a trustee ' s response to a breach of a superannuation fund condition is covered by this regulation if the trustee causes the breach to be rectified within 30 days after becoming aware of the breach.

18QA(2)   [ Notice of breach to employer sponsors ]  

For the purposes of subparagraph 12(3A)(a)(ia) of the Act, the Commissioner may give to the trustee of a superannuation fund written notice requesting the trustee to take all reasonable steps to notify a breach of a superannuation fund condition to all prescribed employer sponsors in relation to the fund.

18QA(3)   [ Prescribed employer sponsor: para (a)(ia) ]  

For the purposes of subparagraph 12(3A)(a)(ia) of the Act, a prescribed employer sponsor, in relation to a fund, is an employer sponsor who was an employer sponsor in relation to the fund at any time during which a breach of a superannuation fund condition referred to in that subparagraph existed.

18QA(4)   [ Waiver of requirements ]  

For the purposes of subparagraph 12(3A)(a)(ib) of the Act, the Commissioner may give to the trustee of a superannuation fund a written waiver from the requirements of that subparagraph.

18QA(5)   [ Prescribed employer sponsor: para (a)(ib) ]  

For the purposes of subparagraph 12(3A)(a)(ib) of the Act, a prescribed employer sponsor, in relation to a fund, is an employer sponsor who was an employer sponsor in relation to the fund at any time during which a breach of a superannuation fund condition referred to in that subparagraph existed.

18QA(6)   [ Period to take reasonable steps ]  

For the purposes of subparagraph 12(3A)(a)(ib) of the Act, the specified period is 60 days after the trustee becomes aware of the breach.