Corporations Amendment Regulations 2004 (No. 5) (Cth)

Corporations Amendment Regulations 2004 (No. 5)1

Statutory Rules 2004 No. 1452

I, PHILIP MICHAEL JEFFERY, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Corporations Act 2001.

Dated 24 June 2004

P. M. JEFFERY

Governor-General

By His Excellency’s Command

HELEN COONAN

Minister for Revenue and Assistant Treasurer

Contents

1Name of Regulations

These Regulations are the Corporations Amendment Regulations 2004 (No. 5).

2Commencement

These Regulations commence as follows:

1. (a)

   on 1 July 2004 — regulations 1 to 3 and Schedule 1;

2. (b)

   on 1 October 2004 — regulation 4 and Schedule 2.

3Amendment of Corporations Regulations 2001

Schedules 1 and 2 amend the Corporations Regulations 2001.

4Transitional

Despite the repeals made by Schedule 2, the provisions repealed continue to have effect in relation to:

1. (a)

   a child account issued before 1 October 2004; and

2. (b)

   moneys paid in relation to a child account before 1 October 2004; and

3. (c)

   a right of return in relation to a child account issued before 1 October 2004.

Schedule 1Amendments commencing on 1 July 2004

(regulation 3)

  

[1]Subregulation 7.9.01 (1), definition of child contributions

substitute

child contributions means contributions that are made to a regulated superannuation fund or an RSA institution in respect of a child, other than:

1. (a)

   contributions made in respect of the child by, or on behalf of, an employer of the child; and

2. (b)

   contributions made by a child in respect of himself or herself.

[2]Subregulation 7.9.01 (1), after definition of remuneration

insert

RSA institution has the meaning given by section 11 of the RSA Act.

[3]Paragraph 7.9.12A (1) (d)

omit

child.

insert

child;

[4]After paragraph 7.9.12A (1) (d)

insert

1. (e)

   the eligible application is made on or before 31 July 2004;

2. (f)

   the issue or sale is made on or before 31 August 2004.

[5]After subregulation 7.9.68A (4)

insert

1. (4A)

   For subsection 1019B (5A) of the Act, the right of return may only be exercised on or before 30 September 2004.

Schedule 2Amendments commencing on 1 October 2004

(regulation 3)

  

[1]Subregulation 7.9.01 (1), definitions of child account, child contributions and RSA Institution

omit

[2]Subparagraph 7.9.04 (1) (a) (i)

omit

[3]Part 7.9, Division 2, Subdivision 2.6

omit

[4]Regulations 7.9.12A and 7.9.68A

omit

[5]Subregulation 7.9.74 (3)

omit

Notes

1. These Regulations amend Statutory Rules 2001 No. 193, as amended by 2001 Nos. 208, 318 and 319 (rr 7.9.10 and 7.9.11 were disallowed by the Senate on 16 September 2002); 2002 Nos. 15, 16 (rr 7.9.10, 7.9.11 (1), 7.9.11 (1) (a), 7.9.11 (1) (b) and 7.9.11 (2) were disallowed by the Senate on 16 September 2002), 41, 53, 126, 145, 182, 265 and 282; 2003 Nos. 31, 48, 85, 126, 127, 194, 202, 282 (Sch 3, items [1] to [4], [6], [8] and [9] were disallowed by the Senate on 24 March 2004), 367, 368 and 369; 2004 Nos. 10, 25, 26 and 36.

2. Notified in the Commonwealth of Australia Gazette on 25 June 2004.