Occupational Superannuation Standards Regulations (Amendment) (Cth)

Statutory Rules 1990 No. 1491

Occupational Superannuation Standards

Regulations2 (Amendment)

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Occupational Superannuation Standards Act 1987.

Dated 18 June 1990.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

Simon Crean

Minister of State for Science and Technology for and on behalf of the Treasurer

 

Principal Regulations

1. In these Regulations, “Principal Regulations” means the Occupational Superannuation Standards Regulations.

2. Regulation 18 of the Principal Regulations is repealed and the following regulation substituted:

Matters to be included in governing rules of superannuation funds

“18. (1) For the purposes of subsection 7 (1) of the Act, the standards in subregulations (2), (3) and (4) are prescribed.

“(2) Where a requirement of a standard prescribed under the Act, other than by this regulation or regulation 5, and having effect on 1 January 1990 is applicable to the operation of a superannuation fund, the governing rules of the fund must, on and after:

(a) the day on which the return for the fund for the purposes of section 12 of the Act for the year of income that ends on 30 June 1990 is given to the Commissioner; or

(b) 15 December 1990;

whichever is the earlier:

 

(S.R. 142/90)—Cat. No. 15/24.5.1990

 

(c) include the requirement: or

(d) include a provision that has the effect that the requirement, as in force from time to time is taken to be included in the governing rules.

“(3) Where:

(a) a requirement referred to in subregulation (2) is applicable to the operation of a superannuation fund established on or before 30 June 1990: and

(b) the governing rules of the fund do not, on 30 June 1990:

(i) include the requirement; or

(ii) include a provision that has the effect that the requirement, as in force from time to time, is taken to be included in the governing rules;

the trustees of the fund must:

(c) have made before 30 June 1990 arrangements in writing for the governing rules of the fund to be amended to:

(i) include the requirement referred to in paragraph (a): or

(ii) include the provision referred to in subparagraph (b) (ii): and

(d) if required to do so by the Commissioner by notice in writing, produce to the Commissioner, within a period of not less than 14 days specified in the notice, documentary evidence that satisfies the Commissioner that the trustees have so made those arrangements.

“(4) Where a regulation prescribed under the Act, other than by this regulation or regulation 5, and notified in the Gazette after 1 January 1990:

(a) amends a standard in a manner that affects a requirement applicable to the operation of a superannuation fund: or

(b) prescribes a standard containing a requirement applicable to the operation of a superannuation fund;

the governing rules of the fund must, on and after 30 June in the second calendar year after the calendar year in which:

(c) the amendment referred to in paragraph (a); or

(d) the requirement referred to in paragraph (b);

commences, or is notified in the Gazette, whichever is the later:

(e) include the amendment referred to in paragraph (a) or the requirement referred to in paragraph (b), as the case may be; or

(f) include a provision that has the effect:

(i) that the amendment referred to in paragraph (a) is taken to be included in the governing rules; or

(ii) that the requirement referred to in paragraph (b), as in force from time to time, is taken to be included in the governing rules.”.

 

3. Regulation 23 of the Principal Regulations is repealed and the following regulation substituted:

Matters to be included in governing rules of approved deposit funds

“23. (1) For the purposes of subsection 8 (1) of the Act the standards in subregulations (2), (3) and (4) are prescribed.

“(2) Where a requirement of a standard prescribed under the Act, other than by this regulation and having effect on 1 January 1990 is applicable to the operation of an approved deposit fund the governing rules of the fund must, on and after:

(a) the day on which the return for the fund for the purposes of section 14 of the Act for the year of income that ends on 30 June 1990 is given to the Commissioner; or

(b) 15 December 1990;

whichever is the earlier:

(c) include the requirement: or

(d) include a provision that has the effect that the requirement as in force from time to time is taken to be included in the governing rules.

“(3) Where:

(a) a requirement referred to in subregulation (2) is applicable to the operation of an approved deposit fund established on or before 30 June 1990; and

(b) the governing rules of the fund do not, on 30 June 1990:

(i) include the requirement; or

(ii) include a provision that has the effect that the requirement, as in force from time to time, is taken to be included in the governing rules:

the trustees of the fund must:

(c) have made before 30 June 1990 arrangements in writing for the governing rules of the fund to be amended to:

(i) include the requirement referred to in paragraph (a): or

(ii) include the provision referred to in subparagraph (b) (ii); and

(d) if required to do so by the Commissioner by notice in writing, produce to the Commissioner, within a period of not less than 14 days specified in the notice, documentary evidence that satisfies the Commissioner that the trustees have so made those arrangements.

“(4) Where a regulation prescribed under the Act, other than by this regulation, and notified in the Gazette after 1 January 1990:

(a) amends a standard in a manner that affects a requirement applicable to the operation of an approved deposit fund: or

(b) prescribes a standard containing a requirement applicable to the operation of an approved deposit fund;

 

the governing rules of the fund must on and after 30 June in the second calendar year after the calendar year in which:

(c) the amendment referred to in paragraph (a): or

(d) the requirement referred to in paragraph (b);

commences or is notified in the Gazette whichever is the later:

(e) include the amendment referred to in paragraph (a) or the requirement referred to in paragraph (b), as the case may be; or

(f) include a provision that has the effect:

(i) that the amendment referred to in paragraph (a) is taken to be included in the governing rules; or

(ii) that the requirement referred to in paragraph (b), as in force from time to time is taken to be included in the governing rules.”.

 

NOTES

1. Notified in the Commonwealth of Australia Gazette on 25 June 1990.

2.Statutory Rules 1987 No. 322 as amended by 1988 No. 255: 1989 Nos. 24, 281 and 356.

Printed by Authority by the Commonwealth Government Printer