SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 24B - PROVISIONS RELATING TO THE ADMINISTRATION BY APRA AND THE COMMISSIONER OF TAXATION OF SUPERANNUATION FUNDS WITH FEWER THAN 5 MEMBERS  

Division 1 - Monitoring of superannuation funds with fewer than 5 members  

SECTION 252A   APRA OR COMMISSIONER OF TAXATION MAY REQUEST CERTAIN INFORMATION  

252A(1)   Notice may be given.  

APRA or the Commissioner of Taxation may give a written notice under this section to a trustee of a regulated superannuation fund if APRA or the Commissioner of Taxation, as the case requires, considers that the fund has fewer than 5 members.

252A(2)   Information that may be requested.  

The notice may require each trustee of the fund, within a specified period (which must not be shorter than 21 days), to ensure that APRA or the Commissioner of Taxation is informed:


(a) whether or not the fund was a self managed superannuation fund as at the date (the response date ) on which APRA or the Commissioner of Taxation was so informed; or


(b) if the fund was not a self managed superannuation fund as at the response date - whether the trustee, or the trustees, of the fund consider that the fund is likely to become a self managed superannuation fund within the period specified in the notice; and


(c) if the fund was a self managed superannuation fund as at the response date - whether the trustee, or the trustees, of the fund consider that the fund is likely to cease to be a self managed superannuation fund within the period specified in the notice.

252A(3)   Offence.  

A person who contravenes subsection (2) commits an offence punishable on conviction by a fine not exceeding 50 penalty units.

252A(4)   Strict liability.  

An offence under subsection (3) is an offence of strict liability.




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