SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 1 - PRELIMINARY  

Division 1 - Preliminary  

SECTION 3   OBJECT OF ACT  

3(1)   Supervision of certain superannuation entities.  

The main object of this Act is to make provision for the prudent management of certain superannuation funds, approved deposit funds and pooled superannuation trusts and for their supervision by APRA, ASIC and the Commissioner of Taxation.

3(2)   Basis for supervision.  

The basis for supervision is that those funds and trusts are subject to regulation under the Commonwealth's powers with respect to corporations or pensions (for example, because the trustee is a corporation). In return, the supervised funds and trusts may become eligible for concessional taxation treatment.

3(3)   Whole industry not covered.  

The Act does not regulate other entities engaged in the superannuation industry.




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