Superannuation Industry (Supervision) Act 1993

PART 1 - PRELIMINARY  

Division 2 - Interpretation  

SECTION 10   DEFINITIONS  

10(1)  

In this Act, unless the contrary intention appears:

ABN
has the meaning given by section 41 of the A New Tax System (Australian Business Number) Act 1999 .

accrued default amount
, for a member of a regulated superannuation fund, has the meaning given by section 20B .

acquirable asset
has the meaning given by section 67A .

activity fee
has the meaning given by subsection 29V(7) .

actuary
(Repealed by No 61 of 2013)

ADI
(authorised deposit-taking institution) means:

(a) a body corporate that is an ADI for the purposes of the Banking Act 1959 ; or

(b) a State bank.

administration fee
has the meaning given by subsection 29V(2) .

adopted child
, in relation to a person, means a person adopted by the first-mentioned person:

(a) under the law of a State or Territory relating to the adoption of children; or

(b) under the law of any other place relating to the adoption of children, if the validity of the adoption would be recognised under the law of any State or Territory.

advice fee
has the meaning given by subsection 29V(8) .

AFCA scheme
has the same meaning as in Chapter 7 of the Corporations Act 2001 .

amend
, in relation to the governing rules of a superannuation entity, includes the insertion of a provision in, or the omission of a provision from, those rules.

annual members ' meeting
, for a registrable superannuation entity, means a meeting of members of the entity held under subsection 29P(1) for a year of income of the entity.

annuity
includes a benefit provided by a life insurance company or a registered organisation, if the benefit is taken, under the regulations, to be an annuity for the purposes of this Act.

approved auditor
(Repealed by No 61 of 2013)

approved bank
(Omitted by No 48 of 1998)

approved deposit fund
means a fund that:

(a) is an indefinitely continuing fund; and

(b) is maintained by an RSE licensee that is a constitutional corporation; and

(c) is maintained solely for approved purposes.

approved form
has the meaning given by section 11A .

approved guarantee
has the meaning given by section 11E .

approved non-ADI financial institution
(Repealed by No 160 of 2000)

approved non-bank financial institution
(Repealed by No 48 of 1998 - see definition of " approved non-ADI financial institution " .)

approved purposes
, in relation to a fund, means:

(a) the purpose of receiving on deposit:

(i) amounts of roll-over superannuation benefits (within the meaning of the Income Tax Assessment Act 1997 ); and

(ia) amounts of directed termination payments (within the meaning of section 82-10F of the Income Tax (Transitional Provisions) Act 1997 ); and

(ii) amounts paid under Part 24 of this Act; and

(iii) amounts paid under section 65 of the Superannuation Guarantee (Administration) Act 1992 ; and

(b) the purpose of dealing with such amounts, in accordance with the rules of the fund, in any way calculated directly or indirectly to enhance the value of, or render profitable, property of the fund; and

(c) subject to any inconsistent requirement in the standards from time to time applicable to the fund under section 32 , the purpose of paying to beneficiaries, or to the legal personal representatives of beneficiaries, upon request, amounts equal to the beneficiary ' s interest in the fund; and

(d) such other purposes (if any) as APRA approves in writing.

approved rules
(Repealed by No 140 of 1994)

approved SMSF auditor
means a person who is registered under section 128B , but does not include:

(a) a person for whom an order disqualifying a person from being an approved SMSF auditor, or suspending a person ' s registration as an approved SMSF auditor, is in force under section 130F ; or

(b) a person who is disqualified from being or acting as an auditor of all superannuation entities under section 130D .

approved trustee
(Repealed by No 53 of 2004)

APRA
means the Australian Prudential Regulation Authority.

APRA staff member
has the same meaning as in the Australian Prudential Regulation Authority Act 1998 .

ASIC
means the Australian Securities and Investments Commission.

asset
means any form of property and, to avoid doubt, includes money (whether Australian currency or currency of another country).

associate
has the meaning given by section 12 .

Australian court
means:

(a) the High Court; or

(b) a court created by the Parliament; or

(c) a court of a State or Territory.

Australian resident
means a person who is a resident of Australia for the purposes of the Income Tax Assessment Act 1936 .

authorised person
means a person authorised by the Regulator under section 298A for the purposes of the provision in which the expression occurs.

benchmark
means a benchmark mentioned in, or specified in regulations made for the purposes of, subparagraphs 52(9)(a)(i) and (ii) and paragraph 52(9)(aa) .

beneficiary
, in relation to a fund, scheme or trust, means a person (whether described in the governing rules as a member, a depositor or otherwise) who has a beneficial interest in the fund, scheme or trust and includes, in relation to a superannuation fund, a member of the fund despite the express references in this Act to members of such funds.

books
includes:

(a) any record; or

(b) any accounts or accounting records, however compiled, recorded or stored; or

(c) a document.

business day
(Repealed by No 46 of 2011)

buy-sell spread
has the meaning given by subsection 29V(4) .

Chief Executive Medicare
(Repealed by No 23 of 2018)

child
, in relation to a person, includes:

(a) an adopted child, a stepchild or an ex-nuptial child of the person; and

(b) a child of the person ' s spouse; and

(c) someone who is a child of the person within the meaning of the Family Law Act 1975 .

choice product
: A class of beneficial interest in a regulated superannuation fund is a choice product unless:

(a) all the members of the fund who hold that class of beneficial interest in the fund are defined benefit members; or

(b) that class of beneficial interest in the fund is a MySuper product.

civil penalty order
means a declaration or order made under section 196 .

civil penalty provision
has the meaning given by section 193 .

class
, in relation to an RSE licensee, means (except in subsections 29E(7) and (8) ) a class of RSE licence provided for under subsection 29B(2) or (3) , or under regulations made for the purposes of subsection 29B(4) .

Commissioner
means the Insurance and Superannuation Commissioner appointed under the Insurance and Superannuation Commissioner Act 1987 , or a person for the time being acting as Insurance and Superannuation Commissioner under that Act.

comparable choice products
, in relation to a choice product, means a class of choice product specified in regulations made for the purposes of this definition that the choice product is to be compared with.

connected entity
, in relation to an RSE licensee of a registrable superannuation entity, means:

(a) an associated entity (within the meaning of the Corporations Act 2001 ) of the RSE licensee; and

(b) if the RSE licensee is a group of individual trustees - an entity that has the capacity to determine or influence decisions made by one or more members of the group in relation to the registrable superannuation entity; and

(c) any other entity of a kind prescribed by the regulations.

constitutional corporation
means a body corporate that is:

(a) a trading corporation formed within the limits of the Commonwealth (within the meaning of paragraph 51(xx) of the Constitution); or

(b) a financial corporation formed within the limits of the Commonwealth (within the meaning of paragraph 51(xx) of the Constitution).

contributing employer
means an employer having obligations under Part 3B (about the superannuation data and payment regulations and standards).

controlling stake
: a person holds a controlling stake in an RSE licensee that is a body corporate if the person holds a stake of more than 15% in the RSE licensee.

corporate trustee
, in relation to a fund, scheme or trust, means a body corporate that is a trustee of the fund, scheme or trust.

Corporations Law
means the Corporations Law set out in the Corporations Act 1989 .

court
means any court, when exercising jurisdiction under this Act.

Court
means the Federal Court of Australia or the Supreme Court of a State or a Territory.

custodian
, in relation to a superannuation entity, means a person (other than a trustee of the entity) who, under a contract with a trustee or an investment manager of the entity, performs custodial functions in relation to any of the assets of the entity.

data and payment regulations and standards relating to RSAs
has the same meaning as in the Retirement Savings Accounts Act 1997 .

data processing device
means any article or material (for example, a disc) from which information is capable of being reproduced with or without the aid of any other article or device.

death benefit
: see section 68AA .

deed
includes an instrument having the effect of a deed.

defined benefit fund
has (except in Division 3A of Part 8 and in Part 23 ) the meaning given by the regulations.

defined benefit member
:

(a) in the definition of choice product in this subsection, section 20B and Part 2C - has the same meaning as in the Superannuation Guarantee (Administration) Act 1992 ; and

(b) in Division 3A of Part 8 and in Part 23 - has the meaning given by section 83A ; and

(c) in any other provision of this Act - has the meaning given by the regulations;

subject to subsection (1A) .

dependant
, in relation to a person, includes the spouse of the person, any child of the person and any person with whom the person has an interdependency relationship.

director
, in relation to a body corporate, has the same meaning as in the Corporations Act 2001 .

disclose
, in relation to information, means give, reveal or communicate in any way.

education direction
: see subsection 160(2) .

eligibility age
(Repealed by No 128 of 1999)

eligible rollover fund
: a regulated superannuation fund is an eligible rollover fund if an RSE licensee is authorised under section 242F to operate the fund as an eligible rollover fund.

eligible superannuation entity
means a regulated superannuation fund or an approved deposit fund.

employee
has the meaning given by section 15A .

employer
has the meaning given by section 15A .

employer representative
, in relation to a group of trustees of a fund, a policy committee of a fund or the board of directors of a corporate trustee of a fund, means a member of the group, committee or board, as the case may be, nominated by:

(a) the employer or employers of the members of the fund; or

(b) an organisation representing the interests of that employer or those employers.

employer-sponsor
has the meaning given by subsection 16(1) .

employer-sponsored fund
has the meaning given by subsection 16(3) .

enhanced director obligations
means:

(a) for MySuper products - the obligations imposed by:

(i) a covenant referred to in paragraph 52A(2)(f) , as it relates to covenants referred to in subsection 52(9) , (12) or (13) ; and

(ii) covenants prescribed under section 54A that are specified in the regulations as forming part of the enhanced director obligations for MySuper products; and

(b) for eligible rollover funds - the obligations imposed by:

(i) section 242L ; and

(ii) covenants prescribed under section 54A that are specified in the regulations as forming part of the enhanced director obligations for eligible rollover funds.

enhanced trustee obligations
means:

(a) for MySuper products - the obligations imposed by:

(i) covenants referred to in section 52 ; and

(ii) covenants prescribed under section 54A that are specified in the regulations as forming part of the enhanced trustee obligations for MySuper products; and

(b) for eligible rollover funds - the obligations imposed by:

(i) covenants referred to in section 52 , as enhanced by the obligations imposed under section 242K ; and

(ii) covenants prescribed under section 54A that are specified in the regulations as forming part of the enhanced trustee obligations for eligible rollover funds.

entity
means any of the following:

(a) an individual;

(b) a body corporate;

(c) a partnership;

(d) a trust.

entry fee
has the meaning given by subsection 99B(2) .

evidential burden
, in relation to a matter, means the burden of adducing or pointing to evidence that suggests a reasonable possibility that the matter exists or does not exist.

excluded approved deposit fund
means an approved deposit fund:

(a) in which there is only one beneficiary; and

(b) that satisfies such other conditions (if any) as are specified in the regulations.

excluded fund
(Repealed by No 121 of 1999)

excluded instalment trust
, of a superannuation fund, means a trust:

(a) that arises because a trustee or investment manager of the superannuation fund makes an investment under which a listed security (the underlying security ) is held in trust until the purchase price of the underlying security is fully paid; and

(b) where the underlying security, and property derived from the underlying security, is the only trust property; and

(c) where an investment in the underlying security held in trust would not be an in-house asset of the superannuation fund.

excluded superannuation fund
(Repealed by No 121 of 1999)

executive officer
, in relation to a body corporate, means a person, by whatever name called and whether or not a director of the body, who is concerned, or takes part, in the management of the body.

exempt public sector superannuation scheme
means a public sector superannuation scheme that is specified in regulations made for the purposes of this definition.

exit fee
has the meaning given by subsection 99BA(2) .

expert
, in relation to a matter, means a person whose profession or reputation gives authority to a statement made by him or her in relation to that matter.

Fair Work Inspector
(Repealed by No 2 of 2015)

fees rules
, in relation to MySuper products, means the rules in Division 5 of Part 2C .

financial product
has the same meaning as in Chapter 7 of the Corporations Act 2001 .

financial product advice
has the same meaning as in Chapter 7 of the Corporations Act 2001 .

financial services licensee
has the meaning given by Chapter 7 of the Corporations Act 2001 .

function
includes duty.

general administration table
means the table in section 6 .

general fees rules
means the rules in Part 11A .

governing rules
, in relation to a fund, scheme or trust, means:

(a) any rules contained in a trust instrument, other document or legislation, or combination of them; or

(b) any unwritten rules;

governing the establishment or operation of the fund, scheme or trust.

group of individual trustees
means a group of trustees each of whom is an individual trustee.

group of trustees
, in relation to a fund, scheme or trust, means a board, committee or other group of trustees of the fund, scheme or trust.

half-year
means a period of 6 months ending on 30 June or 31 December.

Income Tax Assessment Act
means the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 .

independent director
, in relation to a corporate trustee of a fund, means a director of the corporate trustee who:

(a) is not a member of the fund; and

(b) is neither an employer-sponsor of the fund nor an associate of such an employer-sponsor; and

(c) is neither an employee of an employer-sponsor of the fund nor an employee of an associate of such an employer-sponsor; and

(d) is not, in any capacity, a representative of a trade union, or other organisation, representing the interests of one or more members of the fund; and

(e) is not, in any capacity, a representative of an organisation representing the interests of one or more employer-sponsors of the fund.

Note:

Subsection (2) sets out the circumstances in which a director of a corporate trustee of a fund is not taken to be an associate of an employer-sponsor of the fund.

independent trustee
, in relation to a fund, means a trustee of the fund who:

(a) is not a member of the fund; and

(b) is neither an employer-sponsor of the fund nor an associate of such an employer-sponsor; and

(c) is neither an employee of an employer-sponsor of the fund nor an employee of an associate of such an employer-sponsor; and

(d) is not, in any capacity, a representative of a trade union, or other organisation, representing the interests of one or more members of the fund; and

(e) is not, in any capacity, a representative of an organisation representing the interests of one or more employer-sponsors of the fund.

individual trustee
, in relation to a fund, scheme or trust, means an individual who is a trustee of the fund, scheme or trust.

industrial instrument
(Repealed by No 2 of 2015)

insolvent under administration
means a person who:

(a) under the Bankruptcy Act 1966 or the law of an external Territory, is a bankrupt in respect of a bankruptcy from which the person has not been discharged; or

(b) under the law of a country other than Australia or the law of an external Territory, has the status of an undischarged bankrupt;

and includes:

(c) a person any of whose property is subject to control under:

(i) section 50 or 188 of the Bankruptcy Act 1966 ; or

(ii) a corresponding provision of the law of an external Territory or the law of a foreign country; or

(d) a person who has executed a personal insolvency agreement under:

(i) Part X of the Bankruptcy Act 1966 ; or

(ii) the corresponding provisions of the law of an external Territory or the law of a foreign country;

if a certificate has not been given under section 232 of that Act or the corresponding provision of the law of the external Territory or foreign country, as the case may be, in respect of the agreement.

(e) (Repealed by No 80 of 2004)

(f) (Repealed by No 80 of 2004)

inspector
has the meaning given by section 265 .

instalment receipt
means an investment under which:

(a) a listed security is held in a trust until the purchase price of the security is fully paid; and

(b) the security, and property derived from the security, is the only trust property.

insurance fee
has the meaning given by subsection 29V(9) .

interdependency relationship
has the meaning given by section 10A .

invest
means:

(a) apply assets in any way; or

(b) make a contract;

for the purpose of gaining interest, income, profit or gain.

investment
(Repealed by Act No 38 of 1999)

investment fee
has the meaning given by subsection 29V(3) .

investment manager
means a person appointed by a trustee of a fund or trust to invest on behalf of the trustee, or the trustees, of the fund or trust.

involved
, in relation to a contravention, has the meaning given by section 17 .

lawyer
means a duly qualified legal practitioner and, in relation to a person, means such a practitioner acting for the person.

lease arrangement
means any agreement, arrangement or understanding in the nature of a lease (other than a lease) between a trustee of a superannuation fund and another person, under which the other person is to use, or control the use of, property owned by the fund, whether or not the agreement, arrangement or understanding is enforceable, or intended to be enforceable, by legal proceedings.

legal personal representative
means the executor of the will or administrator of the estate of a deceased person, the trustee of the estate of a person under a legal disability or a person who holds an enduring power of attorney granted by a person.

licensing transition period
means the period:

(a) starting on the commencement of Part 1 of Schedule 1 to the Superannuation Safety Amendment Act 2004 ; and

(b) ending immediately before the commencement of Part 2 of that Schedule.

lifecycle exception
has the meaning given by subsection 29TC(2) .

life insurance company
means:

(a) a body corporate registered under section 21 of the Life Insurance Act 1995 ; or

(b) a public authority:

(i) that is constituted by a law of a State or Territory; and

(ii) that carries on life insurance business within the meaning of section 11 of that Act.

listed security
has the meaning given by subsection 66(5) .

loan
includes the provision of credit or any other form of financial accommodation, whether or not enforceable, or intended to be enforceable, by legal proceedings.

lodge
means lodge with the Regulator.

market value
, in relation to an asset, means the amount that a willing buyer of the asset could reasonably be expected to pay to acquire the asset from a willing seller if the following assumptions were made:

(a) that the buyer and the seller dealt with each other at arm ' s length in relation to the sale;

(b) that the sale occurred after proper marketing of the asset;

(c) that the buyer and the seller acted knowledgeably and prudentially in relation to the sale.

member
has a meaning affected by section 15B .

member of staff
means:

(a) in relation to APRA - a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998 ; and

(b) in relation to ASIC - a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 2001 ; and

(c) in relation to the Commissioner of Taxation - a taxation officer.

member representative
, in relation to a group of trustees of a fund, a policy committee of a fund or the board of directors of a corporate trustee of a fund, means a member of the group, committee or board, as the case may be, nominated by:

(a) the members of the fund; or

(b) a trade union, or other organisation, representing the interests of those members.

modifications
includes additions, omissions and substitutions.

MySuper member
: A member of a regulated superannuation fund is a MySuper member of the fund if the member holds a beneficial interest in the fund of a class that the RSE licensee of the fund is authorised to offer as a MySuper product.

MySuper product:
A class of beneficial interest in a regulated superannuation fund is a MySuper product if an RSE licensee is authorised under section 29T to offer that class of beneficial interest in the fund as a MySuper product.

occurrence of an event
includes the coming into existence of a state of affairs.

old-age pensions
has the same meaning as in paragraph 51(xxiii) of the Constitution.

ongoing fee arrangement
has the same meaning as in Part 7.7A of the Corporations Act 2001 .

Part 6A product
has the meaning given by section 60B .

Part 8 associate
has the meaning given by Subdivision B of Division 1 of Part 8 .

pension
, except in the expression old-age pension , includes a benefit provided by a fund, if the benefit is taken, under the regulations, to be a pension for the purposes of this Act.

permanent incapacity
: a member of a superannuation fund or an approved deposit fund is suffering permanent incapacity if the member is taken, under the regulations, to be suffering permanent incapacity for the purposes of this Act.

permanent incapacity benefit
: see section 68AA .

personal advice
has the same meaning as in Chapter 7 of the Corporations Act 2001 .

policy committee
, in relation to a regulated superannuation fund, means a board, committee or other body that:

(a) advises a trustee of the fund about such matters as are specified in the regulations; and

(b) is established by or under the governing rules of the fund.

pooled superannuation trust
means a unit trust:

(a) the trustee of which is a constitutional corporation; and

(b) that, under the regulations, is a unit trust to which this definition applies.

practical control
of an RSE licensee that is a body corporate has the meaning given by section 131EC .

premises
includes:

(a) a structure, building, aircraft, vehicle or vessel; and

(b) any land or place (whether enclosed or built on or not); and

(c) a part of a structure, building, aircraft, vehicle or vessel or of such a place.

private sector fund
means a superannuation fund covered by paragraph (a) of the definition of superannuation fund , other than a public sector fund.

procure
includes cause.

produce
includes permit access to.

protected document
(Repealed by No 54 of 1998)

protected information
(Repealed by No 54 of 1998)

prudential matter
has the meaning given by subsection 34C(4) .

prudential standard
means a standard determined by APRA under subsection 34C(1) .

public offer entity
means:

(a) a public offer superannuation fund; or

(b) an approved deposit fund that is not an excluded approved deposit fund; or

(c) a pooled superannuation trust.

public offer entity licence
means an RSE licence of a class provided for under subsection 29B(2) .

public offer superannuation fund
has the meaning given by section 18 .

public sector fund
means a superannuation fund that is:

(a) covered by paragraph (a) of the definition of superannuation fund ; and

(b) part of a public sector superannuation scheme.

public sector superannuation scheme
means a scheme for the payment of superannuation, retirement or death benefits, where the scheme is established:

(a) by or under a law of the Commonwealth or of a State or Territory; or

(b) under the authority of:

(i) the Commonwealth or the government of a State or Territory; or

(ii) a municipal corporation, another local governing body or a public authority constituted by or under a law of the Commonwealth or of a State or Territory.

quarter
means a period of 3 months beginning on 1 January, 1 April, 1 July and 1 October.

rectification direction
: see subsection 159(2) .

rectify
, in relation to a contravention of this Act or the regulations that has occurred in relation to a superannuation entity, includes put in operation managerial or administrative arrangements that could reasonably be expected to ensure that there are no further contraventions of a similar kind.

redeem
, in relation to an interest in an approved deposit fund, includes pay an amount equal to the interest pursuant to a covenant of a kind referred to in section 53 that is contained, or taken to be contained, in the governing rules of the fund.

registered organisation
means:

(a) an association registered under a law of a State or Territory as a trade union; or

(b) a society registered under a law of a State or Territory providing for the registration of friendly or benefit societies; or

(c) an association of employees that is registered as an organisation, or recognised, under the Fair Work (Registered Organisations) Act 2009 .

registrable superannuation entity
means:

(a) a regulated superannuation fund; or

(b) an approved deposit fund; or

(c) a pooled superannuation trust;

but does not include a self managed superannuation fund.

regulated document
, in relation to a public offer entity, means a document:

(a) issued, or authorised to be issued, by the trustee of the entity; and

(b) that the trustee knows, or ought reasonably to know (having regard to the trustee ' s abilities, experience, qualifications and other attributes), may influence a person ' s decision:

(i) whether to apply to have a superannuation interest in the entity issued to a person; or

(ii) whether to apply to become a standard employer-sponsor of the entity.

regulated superannuation fund
has the meaning given by section 19 .

Regulator
means:

(a) if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA (other than a provision that is administered by both APRA and ASIC) - APRA; or

(b) if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC (other than a provision that is administered by both APRA and ASIC) - ASIC; or

(c) if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by both APRA and ASIC - either APRA or ASIC, but, if the context requires the reference to be particularly to one of those bodies, then Regulator means that body; or

(d) if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by the Commissioner of Taxation - the Commissioner of Taxation.

Note:

In relation to paragraph (c), the context may require Regulator to mean the same body as has been referred to elsewhere. For example, in subsection 344(1) , the Regulator who may be requested to reconsider a decision is required by the context to be a reference to the body who made the reviewable decision.

related
, in relation to bodies corporate, has the meaning given by section 20 .

related party
, of a superannuation fund, means any of the following:

(a) a member of the fund;

(b) a standard employer-sponsor of the fund;

(c) a Part 8 associate of an entity referred to in paragraph (a) or (b).

related trust
, of a superannuation fund, means a trust that a member or a standard employer-sponsor of the fund controls (within the meaning of section 70E ), other than an excluded instalment trust of the fund.

relative
of an individual means the following:

(a) a parent, grandparent, brother, sister, uncle, aunt, nephew, niece, lineal descendant or adopted child of the individual or of his or her spouse;

(b) a spouse of the individual or of any other individual referred to in paragraph (a).

Note:

Subsection (5) may be relevant to determining relationships for the purposes of paragraph (a) of the definition of relative .

relevant person
means:

(a) in relation to a fund or trust:

(i) if the trustee or an investment manager of the fund or trust is or includes an individual - that individual; or

(ii) if the trustee or an investment manager of the fund or trust is or includes a body corporate - a responsible officer of that body corporate; or

(iii) an auditor of the fund or trust; or

(iv) an actuary of the fund or trust; or

(v) a person who is a custodian in relation to the fund or trust; or

(b) in relation to an approved SMSF auditor:

(i) the approved SMSF auditor; or

(ii) a person who is a relevant person under paragraph (a) in relation to a self managed superannuation fund of which the approved SMSF auditor is or was an auditor; or

(c) in relation to an audit of a self managed superannuation fund:

(i) the person who is conducting, or conducted, the audit; or

(ii) a person who is a relevant person under paragraph (a) in relation to the self managed superannuation fund.

resident approved deposit fund
has the meaning given by section 20A .

resident regulated superannuation fund
means a regulated superannuation fund that is an Australian superannuation fund within the meaning of the Income Tax Assessment Act 1997 .

resolution
, of an entity, means the process by which APRA or other relevant persons manage or respond to the entity:

(a) being unable to meet its obligations; or

(b) being considered likely to be unable, or being considered likely to become unable, to meet its obligations; or

(c) suspending payment, or being considered likely to suspend payment;

including through the exercise of powers and functions under this Act or another law.

responsible officer
, in relation to a body corporate, means:

(a) a director of the body; or

(b) a secretary of the body; or

(c) an executive officer of the body.

reviewable decision
means:

(a) a decision of APRA under subsection 18(6) or (7) to make a declaration; or

(aa) a decision of APRA under subsection 18(7A) to make a declaration under subsection 18(7) subject to conditions; or

(ab) a decision of APRA under subsection 18(7C) to revoke a declaration that a superannuation fund is not a public offer superannuation fund or;

(b) a decision of APRA under subsection 18(10) to revoke a declaration; or

(ba) (Repealed by No 53 of 2004)

(c) (Repealed by No 53 of 2004)

(d) (Repealed by No 53 of 2004)

(da) (Repealed by No 53 of 2004)

(db) (Repealed by No 53 of 2004)

(dc) (Repealed by No 53 of 2004)

(dd) a decision of APRA under subsection 29CA(2) to treat an application for an RSE licence as having been withdrawn; or

(de) a decision of APRA under subsection 29D(2) refusing an application for an RSE licence; or

(df) a decision of APRA under subsection 29EA(1) to impose additional conditions on an RSE licence; or

(dg) a decision of APRA under subsection 29FA(2) to treat an application for variation of an RSE licence so that it is an RSE licence of a different class as having been withdrawn; or

(dh) a decision of APRA under subsection 29FA(2) to treat an application for variation or revocation of a condition imposed on an RSE licence as having been withdrawn; or

(di) a decision of APRA to refuse to vary an RSE licence under subsection 29FC(1) so that it is an RSE licence of a different class; or

(dj) a decision of APRA to refuse to vary or revoke under subsection 29FC(1) any conditions imposed on an RSE licence; or

(dk) a decision of APRA under subsection 29FD(1) to vary or revoke any conditions imposed on an RSE licence; or

(dl) a decision of APRA under subsection 29G(1) to cancel an RSE licence; or

(dla) a decision of APRA under section 29HD to refuse to give a person approval to hold a controlling stake in an RSE licensee; or

(dm) a decision of APRA under subsection 29M(2) refusing an application for registration of a registrable superannuation entity; or

(dn) a decision of APRA under subsection 29N(2) to cancel the registration of a registrable superannuation entity; or

(do) (Repealed by No 117 of 2012)

(doa) a decision of APRA under subsection 29T(2) to refuse to authorise an RSE licensee to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product; or

(dob) a decision of APRA under subsection 29U(1) to cancel an authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product; or

(doc) a decision to determine, vary or revoke a prudential standard referred to in paragraph 34C(1)(e) or (f) ; or

(dod) a decision of the Regulator to give or vary a direction under section 34P or 34Q ; or

(dp) a decision of the Regulator refusing to give an approval under paragraph 35A(2)(b) ; or

(dq) a decision of the Regulator to give such an approval subject to conditions under subsection 35A(3) ; or

(e) a decision of the Regulator to give a notice under section 40 ; or

(f) a decision of the Regulator refusing to give a notice under section 40 ; or

(fa) a decision of the Regulator under subsection 42(1AA) or (1AC) ; or

(fb) a refusal of the Regulator to give an approval under subparagraph 62(1)(b)(v) ; or

(g) a decision of the Regulator to give a direction under section 63 ; or

(h) a decision of the Regulator refusing to revoke a direction under section 63 ; or

(ha) a decision of the Regulator to make a determination under subsection 70A(1) ; or

(hb) a decision of the Regulator refusing to revoke a determination under subsection 70A(1) ; or

(i) a decision of the Regulator refusing to make a determination under paragraph 71(1)(e) ; or

(j) a decision of the Regulator to revoke a determination under paragraph 71(1)(e) ; or

(k) a decision of the Regulator to make a determination under subsection 71(4) ; or

(l) a decision of the Regulator refusing to revoke a determination under subsection 71(4) ; or

(m) a decision of APRA under section 92 refusing to grant an arrangement approval; or

(n) a decision of APRA under section 92 revoking an arrangement approval; or

(na) a decision of APRA under subsection 93A(2) or (3) to approve or not approve a higher percentage; or

(nb) a decision of APRA under subsection 93A(4) to specify conditions to which an approval is subject; or

(nc) a decision of APRA under subsection 93A(5) to vary an approval; or

(o) a decision of APRA under subsection 95(2) refusing to approve a borrowing; or

(p) a decision of APRA under subsection 117(6) refusing to waive a requirement; or

(pa) (Repealed by No 25 of 2008)

(pb) (Repealed by No 25 of 2008)

(q) a decision of APRA under subparagraph 123(2)(b)(ii) or (3)(c)(ii) ; or

(qa) a decision of the Regulator under subsection 126A(1) , (2) or (3) to disqualify an individual; or

(qb) a decision of the Regulator under subsection 126A(5) refusing to revoke the disqualification of an individual; or

(r) a decision of the Regulator under subsection 126B(4) refusing to allow a longer period than 14 days to make an application for waiver; or

(ra) a decision of the Regulator under subsection 126D(3) refusing to make a declaration waiving an applicant ' s status as a disqualified person; or

(rb) a decision of the Regulator under subsection 126F(3) refusing to waive, in whole or in part, the requirement to pay an amount under subsection 126F(2) ; or

(rc) a decision of the Regulator under section 128B refusing an application made under section 128A ; or

(rd) a decision of the Regulator under section 128D imposing or varying conditions, or additional conditions, on a person ' s registration as an approved SMSF auditor; or

(re) a decision of the Regulator refusing an application to vary or revoke conditions, or additional conditions, imposed under section 128D on a person ' s registration as an approved SMSF auditor; or

(rf) a decision of the Regulator under subsection 128E(2) cancelling a person ' s registration as an approved SMSF auditor; or

(rg) a decision of the Regulator refusing an application to waive the payment of the whole or a part of a fee under subsection 128L(4) ; or

(rh) a decision of the Regulator to make an order under subsection 130F(2) ; or

(ri) a decision of the Regulator refusing an application to revoke an order under subsection 130F(8) ; or

(s) a decision of the Regulator to make a disqualification order under section 131 ; or

(t) a decision of the Regulator refusing to revoke a disqualification order under section 131 ; or

(ta) a decision of APRA to give a direction under section 131AA , other than a direction on the ground mentioned in paragraph 133AA(2)(a) ; or

(taaa) a decision of APRA to give a direction under subsection 131D(1) , 131DA(1) or 131DA(3) ; or

(taab) a decision of APRA to vary a direction under subsection 131DC(1) ; or

(taac) a decision of the Regulator under subsection 131EB(1) to give a person a direction to relinquish control of an RSE licensee; or

(taa) a decision of the Regulator to suspend or remove a trustee of a superannuation entity under section 133 ; or

(u) a decision of the Regulator under section 141 ; or

(ua) a decision of APRA under subsection 242F(2) to refuse to authorise an RSE licensee to operate a regulated superannuation fund as an eligible rollover fund; or

(ub) a decision of APRA under subsection 242J(1) to cancel an authority to operate a regulated superannuation fund as an eligible rollover fund; or

(v) (Repealed by No 123 of 2001)

(w) (Repealed by No 123 of 2001)

(x) (Repealed by No 123 of 2001)

(y) (Repealed by No 53 of 1995)

(z) a decision of the Regulator under section 328 to make an exemption that applies to a particular person or a particular group of individual trustees; or

(za) (Repealed by No 154 of 2007)

(zb) a decision of the Regulator under section 332 to make a declaration that applies to a particular person or a particular group of individual trustees; or

(zc) (Repealed by No 154 of 2007)

(zd) a decision of the Regulator under section 335 to vary or revoke an exemption or declaration that applies to a particular person or a particular group of individual trustees; or

(ze) a decision of APRA refusing to give a notice under subsection 342(2) in relation to a fund; or

(zf) a decision of APRA to give a notice under subsection 342(6) in relation to a fund; or

(zg) a decision of the Regulator under subsection 347A(9) .

RSA
has the same meaning as in the Retirement Savings Accounts Act 1997 .

RSA provider
has the same meaning as in the Retirement Savings Accounts Act 1997 .

RSE actuary
means a person who is appointed as an actuary of a registrable superannuation entity.

RSE auditor
means a person who is appointed as an auditor of a registrable superannuation entity.

RSE licence
means a licence granted under section 29D .

RSE licensee
means a constitutional corporation, body corporate, or group of individual trustees, that holds an RSE licence granted under section 29D .

RSE licensee law
means:

(a) this Act or the regulations; and

(aa) prudential standards; and

(b) the Financial Sector (Collection of Data) Act 2001 ; and

(c) the Financial Institutions Supervisory Levies Collection Act 1998 ; and

(d) the provisions of the Corporations Act 2001 listed in a subparagraph of paragraph (b) of the definition of regulatory provision in section 38A of this Act or specified in regulations made for the purposes of subparagraph (b)(xvi) of that definition, as applying in relation to superannuation interests; and

(e) any other provisions of any other law of the Commonwealth specified in regulations made for the purposes of this paragraph.

salary or wages
has the same meaning as in the Superannuation Guarantee (Administration) Act 1992 .

self managed superannuation fund
has the meaning given by sections 17A and 17B .

Note:

Subsection (4) of this section extends the meaning of self managed superannuation fund for the purposes of sections 5 , 6 , 42 and 42A and Part 20 .

signed
, in relation to a body corporate, means executed by or on behalf of the body corporate in a way that is effective in law and that binds the body corporate.

SMSF actuary
means a person who is a Fellow or an Accredited Member of the Institute of Actuaries of Australia.

SMSF auditor number
, of an approved SMSF auditor, means the number stated under paragraph 128B(6)(b) in a certificate under subsection 128B(6) relating to the auditor ' s registration under section 128B .

spouse
of a person includes:

(a) another person (whether of the same sex or a different sex) with whom the person is in a relationship that is registered under a law of a State or Territory prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; and

(b) another person who, although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple.

stake
in an RSE licensee that is a body corporate, has the same meaning as in the Financial Sector (Shareholdings) Act 1998 .

standard employer-sponsor
has the meaning given by subsection 16(2) .

standard employer-sponsored fund
has the meaning given by subsection 16(4) .

standard employer-sponsored member
has the meaning given by subsection 16(5) .

statement
(Repealed by No 123 of 2001)

stop order
(Repealed by No 123 of 2001)

subsidiary
has the same meaning as in the Corporations Act 2001 .

superannuation account
has the meaning given by subsection 108A(3) .

superannuation actuary
means:

(a) an RSE actuary; or

(b) an SMSF actuary.

superannuation auditor
means:

(a) an RSE auditor; or

(b) an approved SMSF auditor.

Superannuation Complaints Tribunal
(Repealed by No 13 of 2018)

superannuation data and payment matter
has the meaning given by subsection 34K(5) .

superannuation data and payment regulations and standards
means:

(a) the regulations made under section 34K; and

(b) the standards issued by the Commissioner of Taxation under that section.

superannuation data and payment standard
means a standard issued by the Commissioner of Taxation under section 34K .

superannuation entity
means:

(a) a regulated superannuation fund; or

(b) an approved deposit fund; or

(c) a pooled superannuation trust.

superannuation entity affected by a reviewable decision
, in relation to a reviewable decision, means the superannuation entity in relation to which the decision was made.

superannuation entity director
has the meaning given by subsection 52A(7) .

superannuation fund
means:

(a) a fund that:

(i) is an indefinitely continuing fund; and

(ii) is a provident, benefit, superannuation or retirement fund; or

(b) a public sector superannuation scheme.

superannuation interest
means a beneficial interest in a superannuation entity.

superannuation standards officer
(Repealed by No 54 of 1998)

suspended SMSF auditor
means a person for whom an order suspending a person ' s registration as an approved SMSF auditor is in force under section 130F .

switching fee
has the meaning given by subsection 29V(5) .

taxation officer
means:

(a) a Second Commissioner of Taxation; or

(b) a Deputy Commissioner of Taxation; or

(c) a person engaged under the Public Service Act 1999 , or an officer or employee of an authority of the Commonwealth, performing duties in the Australian Taxation Office; or

(d) a person engaged to provide services relating to the Australian Taxation Office.

trustee
, in relation to a fund, scheme or trust, means:

(a) if there is a trustee (within the ordinary meaning of that expression) of the fund, scheme or trust - the trustee; or

(b) in any other case - the person who manages the fund, scheme or trust.

unclaimed money
(Repealed by No 128 of 1999)

unit trust
means:

(a) a unit trust within the meaning of Division 6C of Part III of the Income Tax Assessment Act 1936 (whether established by a law of the Commonwealth or of a State or Territory, by a government agency or otherwise); or

(b) the trustee of such a trust;

as appropriate.

value
means market value, and includes amount.

written custody requirements
(Repealed by No 53 of 2004)

year of income
, in relation to a fund, scheme or trust, means a period that is, for the purposes of the Income Tax Assessment Act, a year of income of the fund scheme, or trust (subsection 6(2A) of that Act applies accordingly).

10(1A)  

The regulations may prescribe:

(a)  circumstances in which a member of a superannuation fund is not a defined benefit member for the purposes of this Act, or a provision of this Act; and

(b)  circumstances in which a member of a superannuation fund who is not otherwise a defined benefit member for the purposes of this Act, or a provision of this Act, is to be taken to be a defined benefit member for the purposes of this Act, or that provision.

10(2)  
For the purposes of paragraph (b) of the definition of independent director in subsection (1) , a director of a corporate trustee of a fund that is also an employer-sponsor of the fund is not taken to be an associate of that employer-sponsor by reason only of being such a director.

10(3)  

Without limiting the meaning of the expression member in this Act, that expression, in relation to a self managed superannuation fund, includes a person:

(a)  who receives a pension from the fund; or

(b)  who has deferred his or her entitlement to receive a benefit from the fund.

10(4)  

Treat an entity that is a superannuation fund as a self managed superannuation fund for the purposes of sections 5 , 6 , 42 and 42A , and Part 20 , if:

(a)  it has ceased being a self managed superannuation fund for the purposes of the rest of this Act; and

(b)  the trustee of the fund is not an RSE licensee.

10(5)  

For the purposes of paragraph (a) of the definition of relative in subsection (1) , if one individual is the child of another individual because of the definition of child in subsection (1) , relationships traced to, from or through the individual are to be determined in the same way as if the individual were the natural child of the other individual.