Superannuation Industry (Supervision) Regulations 1994

PART 1 - PRELIMINARY  

REGULATION 1.04AA   SELF MANAGED SUPERANNUATION FUNDS - PERSONS NOT TAKEN TO BE EMPLOYEES (ACT S 17A(8))  

1.04AA(1)   [Specified class of persons]  

For the purposes of paragraph 17A(8)(b) of the Act, a class of persons is a specified class if it comprises persons each of whom is, in relation to a member of a superannuation fund, an exempt person mentioned in subregulation (2).

1.04AA(2)   [Exempt persons]  

A person is an exempt person in relation to a member of a superannuation fund if:

(a) the person is an employer-sponsor of the fund; and

(b) the member is a director of the employer-sponsor.

1.04AA(3)   [Further criteria for ``specified class of person'']  

For the purposes of paragraph 17A(8)(b) of the Act, a class of persons is a specified class if it comprises persons each of whom is a member of a superannuation fund in relation to which the following circumstances exist:

(a) the person is the employer, but not a relative, of a member of the fund (the employee );

(b) another member is the employer, and a relative, of that employee.