Superannuation Legislation Amendment Act (No. 3) 1999 (121 of 1999)

Schedule 1   Amendment of the Superannuation Industry (Supervision) Act 1993 relating to self managed superannuation funds

Part 1   Regulation of self managed superannuation funds

14   At the end of section 6

Add:

(4) Despite subsection (1):

(a) if an entity is not a self managed superannuation fund on the last day of a year of income, APRA has (subject to any later application of this subsection) the general administration of subsections 40(1) and (2), in relation to the entity, in respect of the following:

(i) the doing of anything after the end of that year of income, in relation to that year of income;

(ii) the doing of anything after the end of that year of income, in relation to any previous year of income; and

(b) if an entity is a self managed superannuation fund on the last day of a year of income, the Commissioner of Taxation has (subject to any later application of this subsection) the general administration of subsections 40(1) and (2), in relation to the entity, in respect of the following:

(i) the doing of anything after the end of that year of income, in relation to that year of income;

(ii) the doing of anything after the end of that year of income, in relation any previous year of income; and

(c) the following rules apply in relation to the general administration of subparagraphs 42(1AA)(b)(ii) and (c)(ii), subsection 42(1AC), subparagraphs 42A(3)(c)(ii) and (d)(ii) and subsection 42A(4):

(i) subject to subparagraph (ii), APRA has the general administration of those provisions;

(ii) if another person or body is specified in regulations under subsection 19(4) in respect of a class of superannuation funds, that person or body has the general administration of those provisions to the extent that they relate to funds belonging to that class.