SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993
| Division 2 - Interpretation |
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SECTION 19 REGULATED SUPERANNUATION FUND |
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A regulated superannuation fund is a superannuation fund in respect of which subsections (2) to (4) have been complied with.
19(2) Fund must have a trustee. |
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The superannuation fund must have a trustee.
19(3) Trustee must be a constitutional corporation or fund must be a pension fund. |
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Either of the following must apply:
(a) the trustee of the fund must be a constitutional corporation pursuant to a requirement contained in the governing rules;
(b) the governing rules must provide that the sole or primary purpose of the fund is the provision of old-age pensions.
The trustee or trustees must have given to APRA, or such other body or person as is specified in the regulations, a written notice that is:
(a) in the approved form; and
(b) signed by the trustee or each trustee;
electing that this Act is to apply in relation to the fund.
Note:The approved form of written notice may require the trustee or the trustees to set out the tax file number of the fund. See subsection 299U(1). |
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History
S 19(4) amended by No 53 of 2004, s 3 and Sch 2 item 9, by inserting ``or the trustees'' after ``the trustee'' in the note, effective 1 July 2004. S 19(4) amended by No 24 of 2000, s 3 and Sch 10 item 7, by substituting all the text from and including ``written notice'' to and including the end of para (b), effective 3 April 2000. The substituted text formerly read: written notice in the approved form signed by the trustee or each trustee:
(a) in the case of a corporate trustee - under its common or official seal; or
(b) in the case of an individual - by him or her;
S 19(4) amended by No 121 of 1999, s 3 and Sch 1 item 26, by substituting ``APRA, or such other body or person as is specified in the regulations'' for ``APRA'', effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt 24B. S 19(4) amended by No 54 of 1998 and No 76 of 1996. |
Without limiting subsection (4), regulations for the purposes of that subsection may specify that notices are to be given to different persons or bodies in respect of different classes of superannuation funds.
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History
S 19(4A) inserted by No 121 of 1999, s 3 and Sch 1 item 27, effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt 24B. |
19(5) Election is irrevocable. |
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An election made as mentioned in subsection (4) is irrevocable.
19(6) Trustee has power to make election despite anything in the governing rules etc. |
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The trustee or trustees have the power to make an election as mentioned in subsection (4) despite anything in the governing rules of the fund.
19(7) Certain funds must become regulated superannuation funds. |
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If all of the following conditions are satisfied in relation to a superannuation fund at any time during the period beginning on the day on which this Act received the Royal Assent and ending at the end of the fund's 1993-94 year of income:
(a) the fund has a trustee;
(b) either:
(i) the trustee of the fund is a constitutional corporation; or
(ii) the governing rules of the fund provide that the sole or primary purpose of the fund is the provision of old-age pensions;
(c) the fund is not a public sector superannuation scheme;
(d) there is in force a notice under section 12 or 13 of the Occupational Superannuation Standards Act 1987 stating that the Commissioner is satisfied that the fund satisfied, or should be treated as if it had satisfied, the superannuation fund conditions in relation to a particular year of income;
(e) there is not in force a notice under section 12 or 13 of the Occupational Superannuation Standards Act 1987 stating that the Commissioner is not satisfied that the fund satisfied the superannuation fund conditions in relation to a year of income later than the year of income mentioned in paragraph (d);
the trustee of the fund must use its best endeavours to ensure that the fund becomes a regulated superannuation fund at or before the beginning of the fund's 1994-95 year of income.
19(8) Contravention of subsection (7) is not an offence. |
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A contravention of subsection (7) is not an offence. However, a contravention of subsection (7) is a ground for the grant of an injunction under section 315.
19(9) References to repealed provisions of OSSA. |
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A reference in this section to a provision of the Occupational Superannuation Standards Act 1987 includes a reference to the provision as it continues to apply, despite its repeal, because of the Occupational Superannuation Standards Amendment Act 1993.
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