Superannuation Industry (Supervision) Amendment Regulations 2000 (No. 3) (Cth)

Superannuation Industry (Supervision) Amendment Regulations 2000 (No. 3)

Statutory Rules 2000 No. 185

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 5 July 2000

WILLIAM DEANE

Governor-General

By His Excellency’s Command

JOE HOCKEY

Minister for Financial Services and Regulation

Superannuation Industry (Supervision) Amendment Regulations 2000 (No. 3)1

Statutory Rules 2000 No. 1852

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 2000 (No. 3).

2Commencement

 These Regulations commence on gazettal.

3Amendment of Superannuation Industry (Supervision) Regulations 1994

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

4Transitional

• (1)

  This regulation applies to a unit trust that, immediately before the commencement of these Regulations, was a pooled superannuation trust.

• (2)

  On the commencement of these Regulations, the unit trust continues to be a pooled superannuation trust.

• (3)

  Subregulation (2) ceases to apply to the unit trust immediately after the time of lodgment, in accordance with subsection 36 (1) of the Superannuation Industry (Supervision) Act 1993, of the first return in relation to the unit trust after the commencement of these Regulations.

Schedule 1Amendments

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(regulation 3)

[1]Paragraph 1.04 (5) (b)

omit

the Tax Act.

insert

the Tax Act; and

[2]After paragraph 1.04 (5) (b)

insert

• (c)

  a trust in relation to which each of the following circumstances applies:

  • (i)

    the trustee has confirmed in writing an intention to have the trust treated as a PST;

  • (ii)

    the confirmation was given to APRA, in the approved form, and signed and dated by the trustee;

  • (iii)

    the confirmation was given not later than the time of lodgment, in accordance with subsection 36 (1) of the Act, of the first return in relation to the trust after the commencement of this paragraph;

  • (iv)

    the confirmation has not been withdrawn.

[3]After subregulation 1.04 (5)

insert

• (6)

  The trustee of a unit trust may confirm an intention under paragraph (5) (c) despite anything in the governing rules of the unit trust.

• (7)

  The trustee of a unit trust mentioned in subregulation (6) must inform APRA in writing as soon as practicable after the unit trust ceases to be a PST because paragraph (5) (a) or (b) ceases to apply to the trust.

• (8)

  The trustee may withdraw the confirmation of an intention under paragraph (5) (c) by giving to APRA a notice of the withdrawal that is signed and dated by the trustee.

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, 317 and 356; 2000 Nos. 119 and 151.

2. Made by the Governor-General on 5 July 2000, and notified in the Commonwealth of Australia Gazette on 12 July 2000.