Superannuation Industry (Supervision) Amendment Regulations 1999 (No. 4)

(239 of 1999)

13 October 1999

Made under Superannuation Industry (Supervision) Act 1993

1   Name of Regulations

These Regulations are the Superannuation Industry (Supervision) Amendment Regulations 1999 (No. 4).

2   Commencement

These Regulations commence as follows:

(a) on gazettal - regulations 1 to 4 and Schedule 1;

(b) on 1 November 1999 - Schedule 2;

(c) on 1 July 2000 - Schedule 3.

3   Amendment of Superannuation Industry (Supervision) Regulations 1994

Schedules 1, 2 and 3 amend the Superannuation Industry (Supervision) Regulations 1994.

4   Transitional

The amendment of paragraphs 8.03 (a) and (b) of the Superannuation Industry (Supervision) Regulations 1994 by Schedule 1 do not have effect in relation to a year of income of a superannuation entity before the 1999–2000 year of income of the entity.

Schedule 1   Amendments commencing on gazettal

Part 1   Major amendments

[1]   Subregulation 2.01 (1), definition of excluded superannuation fund

omit

[2]   Paragraphs 2.10 (1) (a), (b) and (c)

substitute

(a) in the case of a fund other than a capital guaranteed fund - the information specified in subregulation (2) (the basic information ) and the information specified in subregulation (3) (the additional information ); or

(b) in the case of a capital guaranteed fund:

(i) the basic information and the additional information; or

(ii) the information specified in subregulation (3A).

[3]   Subregulation 2.10 (2)

omit

information referred to in paragraph (1) (a) and subparagraph (1) (c) (i)

insert

basic information

[4]   Subregulation 2.10 (3)

omit

referred to in paragraph (1) (b) and subparagraph (1) (c) (i)

[5]   Paragraphs 2.11 (1) (a), (b) and (c)

substitute

(a) in the case of a fund other than a capital guaranteed fund - the information specified in subregulation (2) (the basic information ) and the information specified in subregulation (3) (the additional information ); or

(b) in the case of a capital guaranteed fund:

(i) the basic information and the additional information; or

(ii) the information specified in subregulation (3A).

[6]   Subregulation 2.11 (2)

omit

information referred to in paragraph (1) (a) and subparagraph (1) (c) (i)

insert

basic information

[7]   Subregulation 2.11 (3)

omit

referred to in paragraph (1) (b) and subparagraph (1) (c) (i),

[8]   Paragraph 8.01A (c)

substitute

(c) a self managed superannuation fund.

[9]   Paragraph 8.03 (b)

substitute

(b) if the report is for a public offer entity - 4 months; or

[10]   Regulation 11.02, heading

substitute

11.02 Lodgment of annual returns by non self managed superannuation entities

[11]   Paragraphs 11.02 (a) and (b)

substitute

(a) for a superannuation entity that is a public offer entity - 4 months; and

[12]   Regulation 11.02, at the foot

insert

Note This regulation does not apply to a superannuation entity that is a self managed superannuation fund for thewhole of a year of income (see subs 36 (5) of the Act). The lodgment of returns by such a superannuation fund is dealt with in s 36A of the Act.

[13]   After regulation 11.02

insert

11.02A Service of contravention notice (Act s 252B)

(1) For subsection 252B (1) of the Act, a contravention notice may be served on the trustee of a fund by:

(a) delivering it personally to the trustee; or

(b) leaving it at the trustee's address for service; or

(c) sending it by facsimile transmission:

(i) to the trustee; or

(ii) to another person who would, in the ordinary course of events, give the notice to the trustee; or

(d) sending it by prepaid letter post, addressed to the trustee at the trustee's address for service.

(2) For paragraphs (1) (b) and (d), a trustee's address for service is:

(a) if the trustee told APRA or the Commissioner of Taxation of the fund's registered address or address for service - that address; or

(b) in any other case - any address that whichever of APRA or the Commissioner of Taxation is serving the notice reasonably believes is the trustee's address.

(3) In the absence of proof to the contrary, a contravention notice served on a trustee in accordance with subregulation (1) is taken to have been served:

(a) in the case of service in accordance with paragraph (1) (a), (b), or (c) - when the notice or document is delivered, left or transmitted; and

(b) in the case of service in accordance with paragraph (1) (d) - when the notice or document would, in the ordinary course of post, have arrived at the place to which it was addressed.

[14]   Sub-subparagraph 11.04 (c) (iii) (A)

substitute

(A) a self managed superannuation fund; or

[15]   After regulation 11.07

insert

11.07A Operating standard - disclosure on change of status

(1) For subsection 31 (1) of the Act, the requirement in subregulation (3) is a standard applicable to the operation of a regulated superannuation fund.

(2) The standard applies to the trustee of a superannuation fund that:

(a) is a self managed superannuation fund and:

(i) ceases to be such a superannuation fund; or

(ii) ceases to exist; or

(b) is not a self managed superannuation fund and becomes such a superannuation fund.

(3) Within 21 days after the trustee first has knowledge of such a change, the trustee must tell the Commissioner of Taxation in writing:

(a) the fund's name; and

(b) its ABN (if any) or, if it has no ABN, its SFN (if any); and

(c) the name of an individual who is able to act as a contact person, and his or her telephone and facsimile numbers; and

(d) the date on which the change occurred; and

(e) if the fund has not ceased to exist - whether it has become a self managed superannuation fund; and

(f) if the fund has become a self managed superannuation fund:

(i) for any trustee of the fund that is an individual - his or her name, date of birth and sex; or

(ii) for any trustee that is a corporation - its name and its ABN (if any) or, if it has no ABN, its SFN (if any); and

(g) if the fund has not ceased to exist, but is not a self managed superannuation fund after the change - the trustee's name and its ABN (if any) or, if it has no ABN, its SFN (if any).

(4) In subregulation (3):

ABN , for an entity, means the Australian Business Number given to the entity under the A New Tax System (Australian Business Number) Act 1999.

SFN , for a superannuation fund, means the number assigned to the fund by APRA.

[16]   After Division 13.1

insert

Division 13.1A Transitional arrangements arising out of the Superannuation Legislation Amendment Act (No. 3) 1999

13.10A Transitional arrangement - preserved OSS Act provisions

(1) In this regulation:

OSS Act means the Occupational Superannuation Standards Act 1987, as in force on 30 June 1994.

preserved OSS Act provisions means the following provisions of the OSS Act that, despite amendment or repeal by the Occupational Superannuation Standards Amendment Act 1993 (the Amendment Act ), have continued to apply under subsection 16 (1) of the Amendment Act:

(a) sections 4, 5, 6 and 6A;

(b) Part II;

(c) sections 10 to 15CA inclusive;

(d) Part IIIAA;

(e) the remaining provisions of the OSS Act in so far as they relate to any or all of the provisions mentioned in the preceding paragraphs of this definition.

superannuation standards officer has the meaning given by the OSS Act.

(2) If a preserved OSS Act provision provides that a thing must, or may, be done by the Insurance and Superannuation Commissioner, and the thing is to be done in respect of a self managed superannuation fund, the thing is validly done if done by the Commissioner of Taxation.

(3) If a preserved OSS Act provision provides that an action, must, or may, be taken in relation to the Insurance and Superannuation Commissioner and a superannuation fund, and the fund in relation to which the action is to be taken is a self managed superannuation fund, the action is validly taken if taken in relation to the fund and the Commissioner of Taxation.

(4) If a preserved OSS Act provision imposes an obligation on the Insurance and Superannuation Commissioner, and the obligation is to be carried out in relation to a self managed superannuation fund, the obligation is taken to be imposed on the Commissioner of Taxation, and may be carried out by a member of the Commissioner of Taxation's staff.

(5) If a preserved OSS Act provision grants an immunity or privilege to the Insurance and Superannuation Commissioner or a superannuation standards officer, the immunity or privilege is taken, in relation to a self managed superannuation fund, to be an immunity or privilege of the Commissioner of Taxation and a member of the Commissioner of Taxation's staff.

13.10B Outstanding annual returns

(1) This regulation applies to the trustee of a fund if subsection 252G (1) of the Act requires the trustee to give an annual return, a report, or information to the Commissioner of Taxation.

(2) Despite subsection 252G (1) of the Act, the trustee continues, until 30 June 2000, to be under an obligation to give the annual return, report or information to APRA rather than to the Commissioner.

13.10C Outstanding amounts

(1) This regulation applies to the trustee of a fund if subsection 252G (3) of the Act requires the trustee of the fund to pay an amount to the Commissioner of Taxation.

(2) Despite subsection 252G (3) of the Act, the trustee continues, until 30 June 2000, to be under an obligation to pay the amount to APRA rather than to the Commissioner.

13.10D Certain annual returns and amounts for
1999–2000 year of income

(1) This regulation is made for section 252H of the Act.

(2) If the trustee of a superannuation entity that was a self managed superannuation fund at any time during the 1999–2000 year of income of the entity gives an annual return for that year of income of the entity before 1 July 2000, and the Act requires the return to be given to the Commissioner of Taxation, the trustee is taken to have complied with the requirement if the trustee gives the return to APRA.

(3) If the trustee of a superannuation entity mentioned in subregulation (1) pays, under a prescribed Act, an amount before 1 July 2000 in respect of the 1999–2000 year of income of the entity, and the Act requires the amount to be paid to the Commissioner of Taxation, the trustee is taken to have complied with the requirement if the trustee pays the amount to APRA rather than to the Commissioner.

(4) In subregulation (3):

prescribed Act has the same meaning as in section 252G of the Act.

Part 2 Minor and formal amendments

[17]   Minor and formal amendments

Schedule 2   Amendments commencing on 1 November 1999

[1]   Part 1, after regulation 1.04

insert

1.04A Specified body or person (Act s 19)

For subsection 19 (4) of the Act, the Commissioner of Taxation is specified.

[2]   After regulation 11.06

insert

11.06A Specified person or body (Act s 254 (1))

For subsection 254 (1) of the Act, the Commissioner of Taxation is specified.

Schedule 3   Amendments commencing on 1 July 2000

[1]   Minor and formal amendments