Superannuation Industry (Supervision) Act 1993
If, after considering the application, any additional information given by a trustee of the fund, and APRA's advice under section 230A , the Minister is satisfied that the fund has suffered an eligible loss as mentioned in subsection 229(1) , the Minister is to determine in writing:
(a) whether the public interest requires that a grant of financial assistance should be made to a trustee of the fund for the purposes of restoring the loss; and
(b) if so, the amount of the assistance.
View history note
Hide history noteFinancial assistance payable to a trustee of a fund is to be paid in such amounts, at such times, and in such manner, as the Minister determines.
To avoid doubt, the Minister may grant financial assistance to a self managed superannuation fund under this section as long as the fund met the requirements in subsection 229(1) at the time the fund suffered the loss to which the assistance relates.
The Consolidated Revenue Fund is appropriated for the purposes of making payments of financial assistance granted under this section.
Amounts appropriated under this section are not to be credited to the Australian Prudential Regulation Authority Special Account.
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