SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 23 - FINANCIAL ASSISTANCE TO CERTAIN FUNDS  

Division 1 - Preliminary  

SECTION 229   APPLICATION FOR ASSISTANCE  

229(1)   [Application to Minister]  

If:


(a) a fund suffers an eligible loss after the commencement of this Part; and


(aa) at the time it suffers the loss, the fund is:


(i) a regulated superannuation fund (other than a self managed superannuation fund); or

(ii) an approved deposit fund; and


(b) the loss has caused substantial diminution of the fund leading to difficulties in the payment of benefits;

a trustee of the fund may apply to the Minister for a grant of financial assistance for the fund.

229(2)   [Form and contents of application]  

The application must be in writing and be accompanied by such information as the Minister determines.

229(3)   [Application by SMSF trustee]  

To avoid doubt, an application may be made under this section by a trustee of a self managed superannuation fund as long as the fund met the requirements in subsection (1) at the time the fund suffered the loss to which the application relates.




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