Superannuation Industry (Supervision) Amendment Regulations 2000 (No. 5) (Cth)

Superannuation Industry (Supervision) Amendment Regulations 2000 (No. 5)1

Statutory Rules 2000 No. 2812

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 11 October 2000

WILLIAM DEANE

Governor-General

By His Excellency’s Command

C. R. KEMP

Assistant Treasurer

1Name of Regulations

 These Regulations are the Superannuation Industry (Supervision) Amendment Regulations 2000 (No. 5).

2Commencement

 These Regulations commence, or are taken to have commenced, as follows:

• (a)

  on gazettal — regulations 1 to 3;

• (b)

  on 1 July 1999 — Schedule 1.

3Amendment of Superannuation Industry (Supervision) Regulations 1994

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

Schedule 1Amendments taken to have commenced on 1 July 1999

Do not delete: Schedule Part placeholder

(regulation 3)

[1]Regulation 6.15A

omit

 Benefits in a fund

insert

• (1)

  Benefits in a fund

[2]Regulation 6.15A

insert

• (2)

  An investment earning in relation to a benefit of any kind is an unrestricted non-preserved benefit on a day if:

  • (a)

    the benefit was cashed, before that day, in the form of a non-commutable life pension; and

  • (b)

    the pension has commenced to be paid before that day.

• (3)

  An investment earning in relation to a benefit of any kind is an unrestricted non-preserved benefit on a day if:

  • (a)

    the benefit was cashed, before that day, in the form of a non-commutable life annuity; and

  • (b)

    the annuity has commenced to be paid before that day.

• (4)

  An investment earning in relation to a benefit is an unrestricted non-preserved benefit on a day if:

  • (a)

    the benefit is an unrestricted non-preserved benefit; and

  • (b)

    the benefit was cashed, before that day, in the form of a pension; and

  • (c)

    the pension has commenced to be paid before that day.

• (5)

  An investment earning in relation to a benefit is an unrestricted non-preserved benefit on a day if:

  • (a)

    the benefit is an unrestricted non-preserved benefit; and

  • (b)

    the benefit was cashed, before that day, in the form of an annuity; and

  • (c)

    the annuity has commenced to be paid before that day.

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, 151, 185 and 280.

2. Notified in the Commonwealth of Australia Gazette