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 3 - Transitional and savings provisions relating to the regulation of self managed superannuation funds by the Commissioner of Taxation  

SECTION 252F   OBLIGATIONS OWED BY OR TO APRA OR THE COMMISSIONER OF TAXATION  

252F(1)   [Transfer of obligations]  

Subject to section 252G , an obligation that:


(a) relates to a superannuation fund; and


(b) was owed by APRA, or to APRA, immediately before a particular time (the switching time ); and


(c) was owed (whether before, on or after the commencement day) under a provision of this Act that:


(i) immediately before the switching time, was administered by APRA in relation to the fund; and

(ii) as at the switching time, is administered by the Commissioner of Taxation in relation to the fund;

has effect, at and after the switching time (subject to any later application of this section), as if it had been owed by, or to, the Commissioner of Taxation.

252F(2)   Rights and powers of APRA.  

Subject to section 252G , a right or power that:


(a) relates to a superannuation fund; and


(b) was possessed by, or conferred on, APRA immediately before a particular time (the switching time ); and


(c) was possessed or conferred (whether before, on or after the commencement day) under a provision of this Act that:


(i) immediately before the switching time, was administered by APRA in relation to the fund; and

(ii) as at the switching time, is administered by the Commissioner of Taxation in relation to the fund;

has effect, at and after the switching time (subject to any later application of this section), as if it had been possessed by, or conferred on, the Commissioner of Taxation.

252F(3)   Obligations owed by, or to, the Commissioner of Taxation.  

An obligation that:


(a) relates to a superannuation fund; and


(b) was owed by the Commissioner of Taxation, or to the Commissioner of Taxation, immediately before a particular time (the switching time ); and


(c) was owed under a provision of this Act that:


(i) immediately before the switching time, was administered by the Commissioner of Taxation in relation to the fund; and

(ii) as at the switching time, is administered by APRA in relation to the fund;

has effect, at and after the switching time (subject to any later application of this section), as if it had been owed by, or to, APRA.

252F(4)   Rights and powers of the Commissioner of Taxation.  

A right or power that:


(a) relates to a superannuation fund; and


(b) was possessed by, or conferred on, the Commissioner of Taxation immediately before a particular time (the switching time ); and


(c) was possessed or conferred under a provision of this Act that:


(i) immediately before the switching time, was administered by the Commissioner of Taxation in relation to the fund; and

(ii) as at the switching time, is administered by APRA in relation to the fund;

has effect, at and after the switching time (subject to any later application of this section), as if it had been possessed by, or conferred on, APRA.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.