Superannuation Industry (Supervision) Regulations 1994
For the purposes of paragraphs 35B(1)(a) and (b) of the Act (preparation of a statement of financial position and an operating statement), this regulation specifies cases where those paragraphs do not apply.
(a) a defined benefit fund in respect of a year of income of the fund; or
(b) an accumulation fund in respect of the 1994-1995 year of income of the fund;
if the trustee of the fund prepares:
(c) a statement of net assets of the entity; and
(d) a statement of changes in net assets of the entity;
in respect of that year of income.8.01(3) Superannuation funds where benefits are determined by reference to a life assurance policy.
Those paragraphs do not apply in the case of a regulated superannuation fund in respect of a year of income of the fund if, at the end of the year, the fund is a fund from which the benefits paid to each individual member of the fund:
(a) are wholly determined by reference to policies of life assurance; or
(b) if paragraph (a) does not apply only because shares in the life insurance company issuing the policies were acquired because the company was demutualised:
(i) would otherwise be wholly determined by reference to policies of life assurance; and
(ii) the shares have been held for no longer than 18 months from the date of acquisition.