SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993
(a) has knowledge that the superannuation entity has ceased to be a self managed superannuation fund; or
(b) has knowledge that the superannuation entity has become a self managed superannuation fund since first becoming a superannuation entity;
the trustee must ensure that a written notice is given to the Commissioner of Taxation.
A trustee of a fund that was already a self managed superannuation fund when a trustee, or the trustees, of the fund made an election under section 19 does not have to ensure that a notice is given to the Commissioner of Taxation at that time, because the fund became a self managed superannuation fund before (not since) becoming a superannuation entity.
A notice under subsection (1) must be given as soon as practicable, and not later than 21 days, after the trustee first has knowledge that the superannuation fund has ceased to be, or has become, a self managed superannuation fund.106A(3) Offence.
A person who contravenes subsection (1) commits an offence punishable on conviction by a fine not exceeding 100 penalty units.