SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 3B - SUPERANNUATION DATA AND PAYMENT REGULATIONS AND STANDARDS  

Division 1 - Superannuation data and payment regulations and standards  

SECTION 34K   SUPERANNUATION DATA AND PAYMENT REGULATIONS AND STANDARDS  

34K(1)  
The regulations may make provision for and in relation to superannuation data and payment matters, to be complied with by:


(a) trustees of eligible superannuation entities; and


(b) employers in their dealings with eligible superannuation entities.

34K(2)  
The regulations may prescribe different requirements for different classes of eligible superannuation entity or employer.

34K(3)  
The Commissioner of Taxation may, by legislative instrument, determine standards ( superannuation data and payment standards ) relating to superannuation data and payment matters, applicable to:


(a) trustees of eligible superannuation entities; and


(b) employers in their dealings with eligible superannuation entities.

Note:

For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901 .

34K(4)  


The superannuation data and payment standards may specify different requirements for different classes of eligible superannuation entity or employer.

34K(5)  
A superannuation data and payment matter is a matter relating to the manner in which payments and information of a kind mentioned in subsection (6):


(a) relating to:


(i) a member of an eligible superannuation entity; or

(ii) an employee for whose benefit a contribution to an eligible superannuation entity is to be made by an employer; and


(b) connected with the operation of the eligible superannuation entity;

are dealt with.

34K(6)  
The kinds of payments and information are:


(a) transactions, including payments, contributions, roll-over superannuation benefits (within the meaning of the Income Tax Assessment Act 1997 ), allocations, transfers and refunds; and


(b) reports; and


(c) records, including registrations; and


(d) unique identifiers for use with such transactions, reports and records; and


(e) any other kind of payment or information that is prescribed by the regulations for the purposes of this paragraph; and


(f) to avoid doubt, any payment or information of a kind mentioned in paragraphs (a) to (e) and made or provided by the Commissioner of Taxation. Adoption of other instruments

34K(7)  
The regulations or standards may make provision in relation to a matter by applying, adopting or incorporating, with or without modification, any matter contained in any other instrument or writing:


(a) as in force or existing at a particular time; or


(b) as in force or existing from time to time.

34K(8)  


Subsection (7) has effect despite anything in subsection 14(2) of the Legislation Act 2003 . Consultations in preparing superannuation data and payment standards

34K(9)  
The Commissioner of Taxation must consult with APRA in preparing the superannuation data and payment standards.

Note:

For further consultation requirements, see section 17 of the Legislation Act 2003 .

34K(10)  
A failure to comply with subsection (9) does not affect the validity or enforceability of the superannuation data and payment standards.




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