SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 30 - MISCELLANEOUS  

SECTION 342   PRE-1 JULY 88 FUNDING CREDITS AND DEBITS  

342(1)   [Application for pre-1 July 88 funding credit]  

A trustee of a fund may apply to APRA for a pre-1 July 88 funding credit.

342(2)   [Conditions for pre-1 July 88 funding credit]  

If an application is made for a pre-1 July 88 funding credit, APRA must give a written notice to the applicant granting a pre-1 July 88 funding credit of a specified amount if APRA is satisfied that:


(a) the amount consists of, or is the total of, amounts that, under the regulations, are treated as pre-1 July 88 funding amounts; and


(b) paragraph 23(jaa) or section 23FC of the Income Tax Assessment Act , as in force immediately before the commencement of the Taxation Laws Amendment Act (No. 2) 1989 , would have applied to the fund in relation to the 1987-88 year of income, if the amendments made by that last-mentioned Act had not been made.

342(3)   [Form and content of application]  

An application:


(a) must be in the approved form; and


(b) must be made on or before the day ascertained in accordance with the regulations; and


(c) must contain such information relating to the fund as is required by the form to be provided; and


(d) must be accompanied by:


(i) such certificates and other documents as the form requires; and

(ii) the prescribed application fee.

342(4)   [Failure of trustee to notify prescribed event]  

If:


(a) a prescribed event has occurred (whether before or after the commencement of this section) in relation to a fund, being an event that relates to:


(i) the membership of the fund; or

(ii) benefits provided by the fund; and


(b) a trustee of the fund fails to notify APRA of the event within the time and in the manner prescribed;

APRA must give written notice to a trustee of the fund accordingly.

342(5)   [Notification prescribed by regulations]  

Regulations made for the purposes of paragraph (4)(b) may:


(a) require a notification to be accompanied by such information as is prescribed; and


(b) enable APRA to grant an extension of time for lodging a notification.

342(6)   [Conditions for pre-1 July 88 funding debit]  

If:


(a) an event prescribed for the purposes of paragraph (4)(a) has occurred (whether before or after the commencement of this section) in relation to a fund; and


(b) a trustee of the fund notifies APRA of the event as and when required by regulations made for the purposes of paragraph (4)(b); and


(c) APRA is satisfied that, in accordance with the regulations, a pre-1 July 88 funding debit of a particular amount should arise in relation to the fund;

APRA may give to a trustee of the fund a written notice granting the trustee of the fund a pre-1 July 88 funding debit of that amount.

342(7)   [Transfer of credits]  

The regulations may make provision for and in relation to the transfer of pre-1 July 88 funding credits between funds.

342(8)   [Regulations re transfer of credits]  

Without limiting the generality of subsection (7), the regulations made for the purposes of that subsection must make provision for:


(a) the giving by APRA of a notice approving the transfer of a pre-1 July 88 funding credit of a fund to another fund; and


(b) the revocation of such a notice; and


(c) requiring notification of such a revocation and of the reasons for the revocation.

342(9)   [Revocation of credit or debit]  

If:


(a) APRA has, under subsection (2) or (6), given a notice to a trustee of a fund; and


(b) APRA, after considering information that was not previously considered by APRA, ceases to be satisfied as mentioned in the subsection concerned;

APRA must give written notice to a trustee of the fund revoking the notice.

342(10)   [Refusal of application]  

If APRA refuses an application under subsection (1), APRA must give written notice to the applicant of the refusal.

342(11)   [Notice of revocation or refusal]  

A notice under subsection (9) or (10) must set out the reasons for the revocation or refusal, as the case requires.

342(12)   [Particulars to Commissioner of Taxation]  

APRA must give to the Commissioner of Taxation particulars of all notices given under this section or under regulations made for the purposes of subsection (7).

342(13)   [ " fund " ]  

In this section:

fund
means a superannuation fund.




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