Superannuation Industry (Supervision) Amendment Regulations 2004 (No. 3) (113 of 2004)
Schedule 1 Amendments commencing on 1 July 2004
[3] After Part 3
insert
Part 3A Matters prescribed or specified in relation to licensing of trustees and of groups of individual trustees
Division 3A.1 Classes of RSE licences
3A.01 Public offer entity licences
For paragraph 29B (2) (b) of the Act, the following classes of registrable superannuation entities are specified:
(a) superannuation entities that are superannuation funds with fewer than 5 members (other than self managed superannuation funds);
(b) excluded approved deposit funds.
3A.02 Non-public offer entity licences
(1) For subsection 29B (3) of the Act, all classes of registrable superannuation entities, other than the following classes, are specified:
(a) public offer entities;
(b) superannuation entities that are superannuation funds with fewer than 5 members (other than self managed superannuation funds);
(c) excluded approved deposit funds.
(2) The class of RSE licences provided for under subsection 29B (3) of the Act is called the class of non-public offer entity licences .
3A.03 Extended public offer entity licences
(1) For subsection 29B (4) of the Act, extended public offer entity licences are a class of RSE licences.
(2) Subject to any condition imposed on an extended public offer entity licence under subsection 29EA (3) of the Act, the licence enables a trustee that holds a licence of that class to be a trustee of any registrable superannuation entity.
Note Under paragraphs 29D (1) (g) and 29E (3) (a) of the Act, an extended public offer entity licence may only be granted to, and held by, a registrable superannuation entity that is a constitutional corporation that meets the capital requirements under section 29DA of the Act.
Division 3A.2 Grant of RSE licences
3A.04 Capital requirements
(1) For subsection 29DA (2) and paragraphs 29DA (3) (a) and (4) (b) of the Act, the amount of $5,000,000 is prescribed.
(2) For subsection 29DA (6) of the Act:
net tangible assets means the total assets of a constitutional corporation:
(a) less total liabilities of the corporation; and
(b) less any intangible assets reported in the corporation's books of account;
calculated on the basis of assets and liabilities as they would appear if, at the time of calculation, a balance sheet were made up for lodgement as part of a financial report under Chapter 2M of the Corporations Act 2001 (the Corporations Act ) on the basis that the corporation is a reporting entity.
(3) For subregulation (2):
total assets does not include:
(a) any receivables from related parties as defined by AASB 1017 and Part 2E.2 of Chapter 2E of the Corporations Act; and
(b) any assets that are subject to any charge that secures the liability of a person other than the corporation, to the extent of the value of that charge; and
(c) any assets to which the corporation is not legally and beneficially entitled or that are not held in the name of the corporation; and
(d) any assets ( illiquid assets ) that are not capable of being converted into cash in the short term.
total liabilities includes all payables to related parties as defined by AASB 1017 and Part 2E.2 of Chapter 2E of the Corporations Act.
(4) For the definitions of total assets and total liabilities :
AASB 1017 means AASB 1017 Related Party Disclosures, published by the Australian Accounting Standards Board, as in force on 1 July 2004.