SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 5 - NOTICES ABOUT COMPLYING FUND STATUS  

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

SECTION 40   NOTICES BY THE REGULATOR TO TRUSTEE  

40(1)   Notice about complying fund status.  

The Regulator may give a written notice to a trustee of an entity stating:

(a) whether the entity is or is not a complying superannuation fund; or

(b) whether the entity is or is not a complying approved deposit fund; or

(c) whether the entity is or is not a pooled superannuation trust;

as the case may be, in relation to a year of income specified in the notice.

40(2)   Reasons.  

If the Regulator gives a notice to a trustee of an entity stating that:

(a) the entity is not a complying superannuation fund; or

(b) the entity is not a complying approved deposit fund; or

(c) the entity is not a pooled superannuation trust;

as the case may be, in relation to a year of income, the notice must set out the reasons why the Regulator so stated.

40(3)   Commissioner of Taxation to be told about notice.  

When the APRA gives a notice under this section, APRA must give particulars of the notice to the Commissioner of Taxation.

Note:

A statement of the tax file number of the entity may accompany the particulars of the notice. See subsection 299U(3) .

40(4)   Revocation.  

If:

(a) the Regulator gives a notice under this section (the original notice ) to a trustee of an entity stating that:

(i) the entity is a complying superannuation fund; or

(ii) the entity is a complying approved deposit fund; or

(iii) the entity is a pooled superannuation trust;

as the case may be, in relation to a year of income; and

(b) the Regulator subsequently gives a notice under this section (the second notice ) to a trustee of the entity stating that:

(i) the entity is not a complying superannuation fund; or

(ii) the entity is not a complying approved deposit fund; or

(iii) the entity is not a pooled superannuation trust;

as the case may be, in relation to the year of income;

the second notice is taken to revoke the original notice.

Note:

Because " the Regulator " is whichever of APRA or the Commissioner of Taxation is administering this provision in respect of a fund, a notice could initially be given to a fund by APRA under paragraph 40(4)(a) , and later the Commissioner of Taxation could give a notice to the same fund under paragraph 40(4)(b) . This is because the fund could have become a self managed superannuation fund after the first notice was given.