SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 12 - DUTIES OF TRUSTEES AND INVESTMENT MANAGERS OF SUPERANNUATION ENTITIES  

SECTION 104A   TRUSTEES ETC OF SELF MANAGED SUPERANNUATION FUND - RECOGNITION OF OBLIGATIONS AND RESPONSIBILITIES  

104A(1)  
This section applies to a person if:


(a) he or she becomes, after 30 June 2007:


(i) the trustee of a self managed superannuation fund; or

(ii) a director of a body corporate that is the trustee of a self managed superannuation fund; or


(b) he or she is a trustee of such a fund or a director of such a body corporate, and another person becomes, after 30 June 2007, a trustee of the fund or a director of the body corporate; or


(c) he or she is a trustee of such a fund or a director of such a body corporate and undertakes a course of education in compliance with an education direction.

104A(2)  
The person must:


(a) if paragraph (1)(a) applies - sign a declaration in the approved form that he or she understands his or her duties as trustee of a self managed superannuation fund (or as director of a body corporate that is such a trustee), no later than 21 days after becoming such a trustee or director; and


(b) if paragraph (1)(b) applies - ensure that the other person signs a declaration in the approved form that he or she understands his or her duties as trustee of a self managed superannuation fund (or as director of a body corporate that is such a trustee), within 21 days after becoming such a trustee or director; and


(ba) if paragraph (1)(c) applies - sign a declaration in the approved form that he or she understands his or her duties as trustee of a self managed superannuation fund, or as director of a body corporate that is such a trustee (as appropriate), no later than 21 days after completing the course of education; and


(c) ensure that the declaration is retained so long as it is relevant, and in any case for at least 10 years; and


(d) make the declaration available for inspection by a member of the staff of the Regulator if requested to do so by a member of that staff.

104A(3)  


A person commits an offence if the person contravenes subsection (2). This is an offence of strict liability.

Penalty: 50 penalty units.




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