Superannuation Industry (Supervision) Act 1993
Sections 5 and 6 set out the functions, powers and duties of APRA, ASIC and the Commissioner of Taxation in administering this Act.
APRA is generally responsible for prudential regulation and member outcomes. It is also generally responsible for licensing and supervision of RSE licensees.
ASIC is generally responsible for protecting consumers from harm, market integrity, disclosure and record keeping.
The Commissioner of Taxation is generally responsible for self managed superannuation funds, data and payment standards, tax file numbers and the compassionate release of superannuation amounts.
[ CCH Note: No 47 of 2021, s 3 and Sch 1 item 10 provides for the amendment of s 4 by substituting " no more than 6 members " for " fewer than 5 members " in table item dealing with Part No. 24B, column headed " Matter dealt with " , effective 1 July 2021. However, this amendment relates to former s 4, substituted with effect from 1 January 2021, and therefore cannot be applied.]
View history note
Hide history noteS 4 substituted by No 135 of 2020, s 3 and Sch 9 item 1, effective 1 January 2021. S 4 formerly read:
SECTION 4 SUMMARY OF PROVISIONS
4
The Act contains provisions dealing with the following matters:
Part
No.
Matter dealt with
1
interpretation
2
(Repealed by No 53 of 2004)
2A
licensing of trustees and groups of individual trustees
2B
registrable superannuation entities
2C
MySuper
3
operating standards for funds and trusts
3A
Prudential standards concerning registrable superannuation entities
3B
superannuation data and payment standards for funds and employers
4
accounts, audit and reporting obligations for superannuation entities
5
notices about complying fund status
6
governing rules of funds and trusts
7
rules applying only to regulated superannuation funds
8
in-house asset rules applying to regulated superannuation funds
9
equal representation of employers and members in relation to employer-sponsored funds
10
rules applying only to approved deposit funds
11
rules applying only to pooled superannuation trusts
11A
General fees rules
12
statutory duties of trustees of superannuation entities
13
(Repealed by No 154 of 2007)
14
other provisions relating to funds and trusts
15
standards for trustees, custodians and investment managers of superannuation entities
16
actuaries and auditors of superannuation entities
16A
APRA
'
s powers to issue directions
17
suspension or removal of trustees of superannuation entities
18
amalgamation of funds
19
rules about dealing with superannuation interests in public offer entities
20
administrative directions and penalties for contraventions relating to self managed superannuation funds
21
civil and criminal consequences of serious breaches of the Act
22
infringement notices
23
financial assistance to funds that suffer loss as a result of fraud or theft
24
eligible rollover funds
24A
transitional provisions relating to pre-1 July 1995 automatic rollovers of benefits between funds
24B
the administration by APRA and the Commissioner of Taxation of superannuation funds with fewer than 5 members
25
monitoring and investigating superannuation entities
25A
tax file numbers
26
offences relating to statements and records
27
powers of courts
28
judicial and other proceedings under the Act
29
exemption and modification provisions
29A
protections in relation to information
29B
(Repealed by No 2 of 2015)
30
miscellaneous provisions
31
(Repealed by No 154 of 2007)
32
additional transitional provisions relating to tax file numbers
33
additional transitional provisions relating to MySuper
34
additional transitional provisions relating to eligible rollover funds
S 4 amended by No 40 of 2019, s 3 and Sch 5 item 1, by inserting table item 16A, applicable to events that occur, and anything that a person does or fails to do, on or after 6 April 2019.
S 4 amended by No 5 of 2015, s 3 and Sch 1 items 39 and 40, by omitting " facility to pay benefits to " before " eligible rollover funds " from table item 24 and inserting table items 33 and 34, effective 25 March 2015.
S 4 amended by No 2 of 2015, s 3 and Sch 1 item 1, by repealing table item 29B, effective 25 February 2015. Table item 29B formerly read:
29B employers to give information about superannuation contributions
S 4 amended by No 11 of 2014, s 3 and Sch 2 item 1, by inserting table item 20, applicable to contraventions that occur on or after 1 July 2014.
S 4 amended by No 61 of 2013, s 3 and Sch 1 item 27, by inserting table item 22, effective 1 July 2013.
S 4 amended by No 75 of 2012, s 3 and Sch 6 item 2, by inserting table item 29B, applicable in relation to salary or wages paid on or after 27 June 2013.
S 4 amended by No 171 of 2012, s 3 and Sch 1 item 1, by inserting table item 11A, effective 1 January 2013.
S 4 amended by No 162 of 2012, s 3 and Sch 1 item 2, by inserting table item 2C, effective 1 January 2013. For application provisions see note under Part 2C heading.
S 4 amended by No 117 of 2012, s 3 and Sch 2 item 2, by inserting table item 3A, effective 9 September 2012.
S 4 amended by No 91 of 2012, s 3 and Sch 1 item 9, by inserting table item for Part 3B, effective 29 June 2012. For application provision, see note under Pt 3B heading.
S 4 amended by No 75 of 2012, s 3 and Sch 6 items 10 and 11, by inserting table item for Part 24B and Part 29A, effective 27 June 2012.
S 4 amended by No 154 of 2007, s 3 and Sch 3 items 4 and 5, by substituting the table item for Part 4 and repealing the table item for Part 13, effective 24 September 2007. The table items for Part 4 and Part 13 formerly read:
4 ... lodgment of annual returns by trustees of superannuation entities
13 ... accounts of superannuation entities
S 4 amended by No 154 of 2007, s 3 and Sch 1 item 136, by repealing the table item for Part 31, effective 24 September 2007. The table item for Part 31 formerly read:
31 ... transition to scheme provided for in the Act
S 4 amended by No 53 of 2004, s 3 and Sch 1 item 62, by repealing table item for Part 2, effective 1 July 2006. Table item for Part 2 formerly read:
2 ... approval of trustees
S 4 amended by No 53 of 2004, s 3 and Sch 1 items 1 and 2, by inserting Parts 2A and 2B and Part 18, effective 1 July 2004.
S 4 amended by No 123 of 2001, s 3 and Sch 1 items 282 to 284, by repealing the row relating to Part 18, omitting " and about the disclosure of information about such entities " at the end of the row relating to Part 19, and omitting the row relating to Part 20. Parts 18 and 20 formerly read:
18 ... false and misleading conduct in relation to superannuation interests
20 ... rules relating to insider trading of superannuation interests in public offer entities
S 4 amended by No 128 of 1999, s 3 and Sch 1 item 45, by repealing the row relating to Part 22, effective 13 October 1999. For transitional and application provisions, see the history note to S 2(3). Part 22 formerly read:
22 ... payment of unclaimed superannuation money to ASIC
S 4 amended by No 54 of 1998, No 76 of 1996 and No 53 of 1995.
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