Superannuation Industry (Supervision) Amendment Regulations 1999 (No. 6) (Cth)

Superannuation Industry (Supervision) Amendment Regulations 1999 (No. 6)

Statutory Rules 1999 No. 356

I, WILLIAM PATRICK DEANE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under theSuperannuation Industry (Supervision) Act 1993.

Dated 15 December 1999.

WILLIAM DEANE

Governor-General

By His Excellency’s Command,

c. r. kemp

Assistant Treasurer

Superannuation Industry (Supervision) Amendment Regulations 1999 (No. 6)1

Statutory Rules 1999 No. 3562

made under the

Superannuation Industry (Supervision) Act 1993

   

Contents

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1Name of Regulations

 These Regulations are the Superannuation Industry (Supervision) Amendment Regulations 1999 (No. 6).

2Commencement

 These Regulations commence on gazettal.

3Amendment of Superannuation Industry (Supervision) Regulations 1994

Schedule 1 amends the Superannuation Industry (Supervision) Regulations 1994.

Schedule 1Amendment

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(regulation 3)

[1]After regulation 1.04

insert

1.04AASelf managed superannuation funds — persons not taken to be employees

(Act s 17A (8))

• (1)

  For the purposes of paragraph 17A (8) (b) of the Act, a class of persons is a specified class if it comprises persons each of whom is, in relation to a member of a superannuation fund, an exempt person.

• (2)

  A person is an exempt person in relation to a member of a superannuation fund if:

  • (a)

    the person is an employer-sponsor of the fund; and

  • (b)

    the member is a director of the employer-sponsor.

Notes

1. These Regulations amend Statutory Rules 1994 No. 57, as amended by 1994 Nos. 189 and 432; 1995 Nos. 47, 64, 142, 158, 159, 240, 293, 384 and 430; 1996 Nos. 44, 57, 122 and 344; 1997 Nos. 69, 117, 152, 153, 221, 243, 293, 309, 343 and 415; 1998 Nos. 76, 83, 108, 175, 177, 193, 240 and 312; 1999 Nos. 14, 31, 115, 239 and 317.

2. Made by the Governor-General on 15 December 1999, and notified in the Commonwealth of Australia Gazette on 22 December 1999.