SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 3B - SUPERANNUATION DATA AND PAYMENT REGULATIONS AND STANDARDS  

Division 2 - Compliance with superannuation data and payment regulations and standards  

SECTION 34M   COMPLIANCE REQUIREMENT - TRUSTEES OF ELIGIBLE SUPERANNUATION ENTITIES  

34M(1)  


Each trustee of an eligible superannuation entity must ensure that payments and information relating to a member of the eligible superannuation entity, or a person for whose benefit a contribution to the eligible superannuation entity is to be made, are dealt with in a manner that complies with any applicable:


(a) regulations made under this Part; and


(b) superannuation data and payment standards.

Note:

Section 288-110 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for contravention of this subsection.

Strict liability offence

34M(2)  
A person commits an offence of strict liability if the person contravenes subsection (1).

Penalty: 20 penalty units.

Note:

For offences of strict liability, see subsection 6.1(1) of the Criminal Code .

34M(3)  
A contravention of subsection (1) does not affect the validity of a transaction.




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