Occupational Superannuation Standards Regulations (Amendment) (Cth)

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Statutory Rules 1992

No. 218 1

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Occupational Superannuation Standards Regulations2(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 30 June 1992.

 BILL HAYDEN

 Governor-General

 By His Excellency’s Command,

PETER BALDWIN

Minister of State for Higher Education

and Employment Services for and on behalf of the

Treasurer

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1.   Commencement

1.1   These Regulations commence on 1 July 1992.

2.   Amendment

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

3.   Regulation 4N (Amendment of interim applications)

3.1   After subregulation 4N (1), insert:

 “(1A) For the purposes of subsection 15M (1) of the Act, an application for an amendment of an interim determination to which subsection 15Q (3) of the Act applies must be made:

• (a)

  within 1 year after the end of the financial year in which the payment to which the determination relates was made; or

• (b)

  within such further period as the Commissioner allows.”.

4.   New regulation 4ZD

4.1   After regulation 4zc, insert in Part 1A:

Information concerning determinations to be given on request

 “4ZD. For the purposes of subsection 15Q (1) of the Act, the information concerning a determination made by the Commissioner under subsection 15K (1) or section 15L of the Act that must be provided with a copy of the determination is a written statement setting out the basis on which the determination was made.”.

5.   Schedule 5 (Prescribed information under subsections 15G (1) and (3) and 15J (2) of the Act)

5.1   Omit the heading, substitute:

“Prescribed information under subsections 15G (1) and (3) and 15J (2) of the Act

 

PART 1—PAYMENTS MADE AT ANY TIME”.

5.2   Omit “ETP’s”, substitute “ETPs”.

5.3   Add at the end:

“PART 2— PAYMENTS MADE AFTER 30 JUNE 1992

ETPs

Whether the ETP is payable as a result of the death of a person

Whether the ETP is payable as a result of the commutation of, or the residual capital value of, a superannuation pension or annuity that had commenced to be paid

 

Whether the ETP is payable to the trustee of the estate of a deceased person

 

Superannuation pensions

Whether a reversion applies to the superannuation pension and if it does, the level of the reversion

 

Whether the superannuation pension is indexed and, if it is, the rate of indexation

 

Whether the superannuation pension is a rebatable superannuation pension

 

Whether the superannuation pension is payable as a result of the death of a person

 

Whether the superannuation pension meets the pension and annuity standards applicable to the pension

 

Whether the superannuation pension is payable as a reversion of another superannuation pension payable to a deceased person

 

Whether the superannuation pension is payable for the life of the primary beneficiary of the pension

 

Annuities

Whether the annuity is payable as a result of the death of a person

 

Whether the annuity meets the pension and annuity standards applicable to the annuity

 

Whether the annuity is payable as a reversion of another annuity payable to a deceased person”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 30 June 1992.

2. Statutory Rules 1987 No. 322 as amended by 1988 No. 255; 1989 Nos. 24, 281 and 356; 1990 Nos. 149, 150, 185, 202 and 275; 1991 Nos. 16, 58, 148, 150, 155 and 458; 1992 No. 192.