Superannuation Industry (Supervision) Act 1993

PART 1 - PRELIMINARY  

Division 1 - Preliminary  

SECTION 6   GENERAL ADMINISTRATION TABLE  

6(1)  


The following table has effect for the purposes of subsection 5(1) .
Note:

Under that subsection, the general administration of a provision referred to in column 1 of the table is conferred as set out in column 3.


General administration table
Item Column 1 Column 2 Column 3
Provisions Topic Regulator
1 Part 2A , to the extent it is not covered by item 2 of this table licensing of RSE licensees APRA
2 Section 29JCA false representation about RSE status both APRA and ASIC
3 Part 2B , to the extent it is not covered by item 4 of this table registrable superannuation entities APRA
4 Sections 29P to 29QC obligations of RSE licensees ASIC
5 Part 2C , to the extent it is not covered by item 6 of this table MySuper APRA
6 Subsection 29SAA(3) MySuper notice requirements ASIC
7 Part 3 , to the extent it is not covered by item 8 or 9 of this table operating standards (a) ASIC, to the extent the provisions relate to disclosure or record-keeping (see subsection (2) ); and
(b) subject to paragraph (a), the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and
(c) APRA, to the remaining extent
8 Division 3 of Part 3 portability forms the Commissioner of Taxation
9 Regulations made under Part 3 release on compassionate grounds the Commissioner of Taxation, to the extent that the regulations relate to the making and notification of determinations that an amount of benefits in a superannuation entity may be released on compassionate grounds
10 Part 3A prudential standards APRA
11 Part 3B , to the extent it is not covered by item 12 or 13 of this table superannuation data and payment APRA
12 Divisions 1 and 4 of Part 3B superannuation data and payment the Commissioner of Taxation
13 Division 2 of Part 3B compliance with superannuation data and payment regulations and standards (a) the Commissioner of Taxation, to the extent the provisions relate to any of the following:
(i) employers;
(ii) payments and information given to the Commissioner of Taxation;
(iii) self managed superannuation funds; and
(b) APRA, to the remaining extent
14 Part 4 accounts, audit and reporting obligations for superannuation entities (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and
(b) APRA, to the remaining extent
15 Part 5 , to the extent it is not covered by item 16 of this table notices about complying fund status (a) the Commissioner of Taxation, to the extent the provisions do any of the following:
(i) relate to self managed superannuation funds;
(ii) require or permit the Commissioner of Taxation to do something; and
(b) APRA, to the remaining extent
16 Sections 40 and 41 notices about complying superannuation fund status (a) in relation to an entity that is a self managed superannuation fund on the last day of the most recently ended year of income - the Commissioner of Taxation; and
(b) in relation to an entity that is not a self managed superannuation fund on the last day of the most recently ended year of income - APRA; and
(c) subject to paragraphs (a) and (b), the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and
(d) APRA, to the remaining extent
17 Part 6 , to the extent it is not covered by items 18 to 21 of this table governing rules of superannuation entities (a) ASIC, to the extent the provisions relate to disclosure or record-keeping (see subsection (2)); and
(b) subject to paragraph (a), the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and
(c) APRA, to the remaining extent
18 Sections 52 , 52A and 54B covenants and consequences of breaching covenants both APRA and ASIC
19 Sections 52B and 52C covenants of SMSFs the Commissioner of Taxation
20 Section 54A prescribed covenants (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and
(b) both APRA and ASIC, to the remaining extent
21 Section 60A dismissal of trustee of public offer entity APRA
22 Part 7 , to the extent it is not covered by items 23 to 26 of this table regulated superannuation funds (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and
(b) APRA, to the remaining extent
23 Sections 62 and 68 sole purpose test; victimisation of trustees (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and
(b) both APRA and ASIC, to the remaining extent
24 Section 64A compliance with tribunal determination (a) the Commissioner of Taxation, to the extent the provision relates to self managed superannuation funds; and
(b) ASIC, to the remaining extent
25 Section 68A use of goods or services to influence employers ASIC
26 Section 68B promotion of illegal early release schemes (a) the Commissioner of Taxation, to the extent the provision relates to self managed superannuation funds; and
(b) ASIC, to the remaining extent
27 Part 8 in-house asset rules (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and
(b) APRA, to the remaining extent
28 Part 9 equal representation of employers and members - employer-sponsored funds APRA
29 Part 10 approved deposit funds APRA
30 Part 11 pooled superannuation trusts APRA
31 Part 11A , to the extent it is not covered by item 32 of this table general fees rules APRA
32 Section 99F cost of financial product advice ASIC
33 Part 12 , to the extent it is not covered by items 34 to 36 of this table duties of trustees and investment managers (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and
(b) APRA, to the remaining extent
34 Sections 101 and 103 dispute resolution systems;
duty to keep minutes and records
(a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and
(b) ASIC, to the remaining extent
35 Section 105 duty to keep reports (a) ASIC, to the extent the provision relates to disclosure or record-keeping (see subsection (2) ); and
(b) subject to paragraph (a), the Commissioner of Taxation, to the extent the provision relates to self managed superannuation funds; and
(c) APRA, to the remaining extent
36 Section 108A duty to identify multiple accounts both APRA and ASIC
37 Part 14 other provisions applying to superannuation entities (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and
(b) APRA, to the remaining extent
38 Part 15 , to the extent it is not covered by item 39 of this table standards for trustees, custodians and investment managers (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and
(b) APRA, to the remaining extent
39 Section 126K disqualified persons (a) the Commissioner of Taxation, to the extent the provision relates to self managed superannuation funds; and
(b) both APRA and ASIC, to the remaining extent
40 Part 16 , to the extent it is not covered by items 41 to 43 of this table actuaries and auditors (a) ASIC, to the extent the provisions relate to auditors of self managed superannuation funds; and
(b) subject to paragraph (a), the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and
(c) APRA, to the remaining extent
41 Section 128N actuaries and auditors - ASIC may disclose information ASIC
42 Section 128P actuaries and auditors - Commissioner of Taxation may refer matter to ASIC the Commissioner of Taxation
43 Division 2 of Part 16 actuaries and auditors - obligations (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and
(b) APRA, to the remaining extent
44 Part 16A APRA ' s powers to issue directions APRA
45 Part 17 , to the extent it is not covered by item 46 of this table suspension or removal of trustee (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and
(b) APRA, to the remaining extent
46 Section 140 notice by acting trustee APRA
47 Part 18 amalgamation of funds APRA
48 Part 19 public offer entities ASIC
49 Part 20 contraventions relating to SMSFs the Commissioner of Taxation
50 Part 21 civil and criminal consequences of contravening civil penalty provisions (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and
(b) both APRA and ASIC, to the extent the provisions relate to, or are being applied for the purposes of, a provision administered by both those bodies; and
(c) ASIC, to the extent the provisions relate to, or are being applied for the purposes of, a provision administered by ASIC; and
(d) APRA, to the remaining extent
51 Part 22 infringement notices APRA
52 Part 23 financial assistance APRA
53 Part 24 , to the extent it is not covered by item 54 of this table eligible rollover funds (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and
(b) APRA, to the remaining extent
54 sections 242K , 242L and 242M obligations relating to eligible rollover funds both APRA and ASIC
55 Part 24A pre-1 July 1995 transitional provisions APRA
56 Part 24B small funds as provided by the provisions of Part 24B
57 Part 25 , to the extent it is not covered by item 58 of this table monitoring and investigation see section 5
58 Division 3 of Part 25 monitoring and investigation - APRA requirements APRA
59 Part 25A , to the extent it is not covered by item 60 of this table tax file numbers (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and
(b) APRA, to the remaining extent
60 Divisions 1 and 3A of Part 25A , section 299NA and subsection 299U(2A) tax file numbers the Commissioner of Taxation
61 Part 32 transitional provisions for tax file numbers APRA

Note:

Subsection 10(4) extends the meaning of self managed superannuation fund for the purposes of this section, sections 5 , 42 and 42A , and Part 20 .

Disclosure and record-keeping provisions

6(2)  


For the purposes of the general administration table, a provision relates to disclosure or record-keeping to the extent to which the provision relates to:

(a)  keeping of reports to members of, or beneficiaries in, funds; or

(b)  disclosure of information to members of, or beneficiaries in, funds; or

(c)  disclosure of information about funds (including disclosure of information to ASIC but not including disclosure of information to APRA); or

(d)  any other matter prescribed by regulations for the purposes of this paragraph.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.