SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 5 - NOTICES ABOUT COMPLYING FUND STATUS  

Division 2 - The Regulator may give notices about complying fund status  

SECTION 41   WHEN THE REGULATOR OBLIGED TO GIVE NOTICE OF COMPLIANCE  

41(1)   [Notice not required]  

Except as provided by subsection (2), the Regulator is not obliged to give a notice under section 40 .

41(2)   [Where notice required]  

The Regulator must give a notice under section 40 to a trustee of an entity stating that the entity is a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust, as the case may be, in relation to a year of income (the current year of income ) if:


(a) the entity is a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust, as the case requires, in relation to the current year of income; and


(b) either:


(i) the Regulator has not given a notice to a trustee of the entity under section 40 stating that the entity is a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust, as the case requires, in relation to a previous year of income; or

(ii) both:

(A) the Regulator has given a notice to a trustee of the entity under section 40 stating that the entity is not a complying superannuation fund, is not a complying approved deposit fund or is not a pooled superannuation trust, as the case requires, in relation to a previous year of income; and

(B) the Regulator has not given a notice to a trustee of the entity under section 40 stating that the fund is a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust, as the case requires, in relation to a year of income that is later than that previous year of income and earlier than the current year of income.

41(3)   [Previous year of income]  

Despite section 2 , a previous year mentioned in subsection (2) may be a year of income earlier than the 1994-95 year of income (see section 49 ). However, despite section 49 , for the purposes of the application of subsection (2) to a complying superannuation fund, if the fund was not a regulated superannuation fund at all times during the current year of income when the fund was in existence, paragraph (2)(b) does not apply unless the previous year of income is the 1994-95 year of income or a later year of income.

41(4)   [Notice deemed not given]  

For the purposes of this section, if a notice under section 40 is revoked, or the decision to give the notice is set aside, the notice is taken never to have been given.




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