SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 3 - OPERATING STANDARDS  

Division 2 - Operating standards  

SECTION 34   PRESCRIBED OPERATING STANDARDS MUST BE COMPLIED WITH  

34(1)   Standards must be complied with.  

Each trustee of a superannuation entity must ensure that the prescribed standards applicable to the operation of the entity are complied with at all times.

Note:

Section 166 imposes an administrative penalty for a contravention of subsection (1) in relation to a self managed superannuation fund.

34(2)   Offence.  

A person who intentionally or recklessly contravenes subsection (1) commits an offence punishable on conviction by a fine not exceeding 100 penalty units.

Note:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

34(3)   Validity of transaction not affected by contravention of (1).  

A contravention of subsection (1) does not affect the validity of a transaction.