Superannuation Industry (Supervision) Amendment Regulations 2001 (No. 2) (Cth)

Superannuation Industry (Supervision) Amendment Regulations 2001 (No. 2)1

Statutory Rules 2001 No. 3522

I, PETER JOHN HOLLINGWORTH, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Superannuation Industry (Supervision) Act 1993.

Dated 20 December 2001

PETER HOLLINGWORTH

Governor-General

By His Excellency’s Command

HELEN COONAN

Minister for Revenue and Assistant Treasurer

1Name of Regulations

 These Regulations are the Superannuation Industry (Supervision) Amendment Regulations 2001 (No. 2).

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 trust:

  • (a)

    in relation to which the time of lodgment was before commencement of these Regulations; and

  • (b)

    the trustee of which did not give confirmation by the time of lodgment; and

  • (c)

    the trustee of which either:

    • (i)

      gave APRA before the commencement of these Regulations a purported confirmation, even though the time for doing so had passed; or

    • (ii)

      gives confirmation by the time allowed under sub‑subparagraph 1.04 (5) (c) (iii) (B) of the SIS Regulations (as amended by these Regulations).

• (2)

  The trust is taken to be a trust in relation to which the circumstance mentioned in subparagraph 1.04 (5) (c) (iii) of the SIS Regulations applies from:

  • (a)

    for a trust mentioned in subparagraph (1) (c) (i) — the commencement of these Regulations; or

  • (b)

    for a trust mentioned in subparagraph (1) (c) (ii) — the day confirmation is given.

• (3)

  In addition, the trust is taken to have been a trust in relation to which the circumstance mentioned in subparagraph 1.04 (5) (c) (iii) of the SIS Regulations applied between the time of lodgment and:

  • (a)

    for a trust mentioned in subparagraph (1) (c) (i) — the commencement of these Regulations; or

  • (b)

    for a trust mentioned in subparagraph (1) (c) (ii) — the day confirmation is given.

• (4)

  The trustee of a trust may give APRA a notice, in writing, that the trust does not wish subregulation (3) to apply to the trust.

• (5)

  A notice under subregulation (4) must be given:

  • (a)

    for a trust mentioned in subparagraph (1) (c) (i) — within 3 months after commencement of these Regulations; or

  • (b)

    for a trust mentioned in subparagraph (1) (c) (ii) — when confirmation is given.

• (6)

  A notice under subregulation (4) is irrevocable.

• (7)

  In this regulation:

confirmation means the confirmation mentioned in subparagraphs 1.04 (5) (c) (i) to (iv) of the SIS Regulations.

SIS Regulations means the Superannuation Industry (Supervision) Regulations 1994.

time of lodgmentmeans the time of lodgment mentioned in subparagraph 1.04 (5) (c) (iii) of the SIS Regulations.

Schedule 1Amendment

(regulation 3)

  

[1]Subparagraph 1.04 (5) (c) (iii)

substitute

• (iii)

  the confirmation was given not later than:

  • (A)

    the time of lodgment, in accordance with subsection 36 (1) of the Act, of the first return in relation to the trust after 12 July 2000 (the time of lodgment); or

  • (B)

    such later time as allowed, in writing, by APRA, either generally or in a particular case and whether allowed before or after the time of lodgment;

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, 280 and 281; 2001 No. 37.

2. Notified in the Commonwealth of Australia Gazette