Occupational Superannuation Standards Regulations (Amendment) (Cth)

Statutory Rules 1993

No. 323 1

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Occupational Superannuation Standards Regulations 2(Amendment)

I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Occupational Superannuation Standards Act 1987.

Dated 2 December 1993.

 BILL HAYDEN

 Governor-General

By His Excellency’s Command,

GARY JOHNS

Parliamentary Secretary to the Treasurer

for the Treasurer

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1.   Commencement

1.1   Regulation 4 is taken to have commenced on 30 November 1993 .

1.2   The remainder of these Regulations are taken to have commenced on 1 July 1992.

2.   Amendment

2.1   The Occupational Superannuation Standards Regulations are amended as set out in these Regulations.

3.   Regulation 3 (Interpretation)

3.1   Definition of “shortfall component”:

Omit “59”, substitute “64”.

4.   Regulation 18BB (Standards: prohibition on intentional acquisition of assets in specified circumstances)

4.1   Subregulation 18BB (2):

Omit “The trustees”, substitute “Subject to subregulation (2A), the trustees”.

4.2   After subregulation 18BB (2), insert:

Exception—acquisitions of business real property and listed security

“(2A)

Subregulation (2) does not prohibit a trustee from acquiring an asset from a member of the fund or a relative of a member of the fund if:

• (a)

  the asset is business real property of the member or relative, or a listed security; and

• (b)

  the asset is acquired at market value; and

• (c)

  where the asset is business real property—after the acquisition of the business real property, that property, together with any other business real property previously acquired from a member of the fund or a relative of a member since 30 November 1993, would represent not more than the acceptable percentage of the total value of the assets of the fund.”.

4.3   Subregulation 18BB (4):

Insert the following definitions:

“‘acceptable percentage’ means:

• (a)

  for an excluded superannuation fund—40%; and

• (b)

  otherwise—0%;

‘acquire an asset’ does not include accept money;

‘business’ includes any profession, trade, employment, vocation or calling carried on for the purposes of profit, including:

• (a)

  the carrying on of primary production; and

• (b)

  the provision of professional services;

but does not include occupation as an employee;

‘business real property’ of a person means any freehold or leasehold interest in real property which is used wholly and exclusively in the person’s business;

‘excluded superannuation fund’ means a superannuation fund of which there are fewer than 5 members;

‘listed security’ means:

• (a)

  a share; or

• (b)

  a unit; or

• (c)

  a bond or debenture; or

• (d)

  a right or option; or

• (e)

  any other security;

 listed for quotation in the official list of a stock exchange in Australia;”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 6 December 1993.

2. Statutory Rules 1987 No. 322 as amended by 1988 No. 255 (as amended by 1989 No. 281); 1989 Nos. 24 and 356; 1990 Nos. 149, 150, 185, 202 and 275; 1991 Nos. 16, 58, 148, 150, 155 and 458; 1992 Nos. 192, 218, 223, 224, 387 and 463; 1993 Nos. 14, 33, 149 189 and 213.