Superannuation Industry
(Supervision) Consequential Amendments
Act 1993
No. 82 of 1993
TABLE OF PROVISIONS
PART 1—PRELIMINARY
Section
1. Short title
2. Commencement
PART 2—AMENDMENT OF THE AUSTRALIAN CAPITAL TERRITORY
(SELF-GOVERNMENT) ACT 1988
3. Principal Act
4. Disqualification of member
PART 3—AMENDMENT OF THE BANKRUPTCY ACT 1966
5. Principal Act
6. Interpretation
7. Property divisible among creditors
8. Meaning of income
9. Vesting of property on making of order
10. Insertion of new section:
302A. Certain provisions in governing rules of superannuation funds and approved deposit funds to be void
11. Application of amendments
PART 4—AMENDMENT OF THE CORPORATIONS LAW
12. Corporations Law
13. Interpretation
PART 5—AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936
14. Principal Act
15. Interpretation
16. Officers to observe secrecy
TABLE OF PROVISIONS—continued
Section
17. Assessable income to include value of benefits received from or in connection with funds that have obtained tax benefits under Part IX or former section 23FC
18. Interpretation
19. Insertion of new section:
27CC. Exemption from tax—payment of unclaimed money to Insurance and Superannuation Commissioner by superannuation fund or approved deposit fund
20. Interpretation
21. Interpretation
22. Interpretation
23. Interpretation
24. Interpretation
25. Interpretation
26. Rebate for personal superannuation contributions
27. Objects of this Part
28. Interpretation
29. Interpretation
30. Issue, revocation etc. of SIS notices
31. Pre-1 July 88 funding credit balance
32. Assessment as if entity were a complying superannuation fund, complying ADF or PST
33. Assessment on basis of anticipated pre-1 July 88 funding credit balance
34. Insertion of new Division:
Division 11—Tax treatment of matters relating to superannuation (financial assistance funding) levies
315A. Definition
315B. Deduction for financial assistance funding levy
315C. Financial assistance exempt from income tax
315D. Repayment of financial assistance not an allowable deduction
315E. Amendment of assessments—remission or refund of financial assistance funding levy
315F. This Division to be primary code for tax treatment of matters relating to financial assistance funding levy
35. Application of amendments
PART 6—AMENDMENT OF THE INSURANCE AND SUPERANNUATION COMMISSIONER ACT 1987
36. Principal Act
37. Interpretation
PART 7—AMENDMENT OF THE MILITARY SUPERANNUATION AND BENEFITS ACT 1991
38. Principal Act
39. Amendment of Trust Deed
40. Application of amendment
PART 8—AMENDMENT OF THE SUPERANNUATION ACT 1976
41. Principal Act
42. Interpretation
43. Fund to be managed by Board
44. Repeal of section 80A
45. Interpretation
46. Payment of transfer values to Commissioner
47. Regulations relating to the operation of the Superannuation Industry (Supervision) Act 1993 and certain other laws
TABLE OF PROVISIONS—continued
Section
48. Application of amendments
PART 9— AMENDMENT OF THE SUPERANNUATION ACT 1990
49. Principal Act
50. Amendment of Trust Deed
51. Application of amendment
PART 10—AMENDMENT OF THE SUPERANNUATION BENEFITS (SUPERVISORY MECHANISMS) ACT 1990
52. Principal Act
53. Provision of superannuation in accordance with Ministerial guidelines
PART 11—AMENDMENT OF THE SUPERANNUATION GUARANTEE (ADMINISTRATION) ACT 1992
54. Principal Act
55. Interpretation: general
56. Certain benefit certificates presumed to be certificates in relation to complying superannuation scheme
57. Certain contributions presumed to be contributions to…
Overview
The Superannuation Industry (Supervision) Consequential Amendments Act 1993 was enacted by the Parliament of Australia to amend various statutes in consequence of the enactment of the Superannuation Industry (Supervision) Act 1993. The principal objective of this Act was to harmonise and update the legal framework surrounding superannuation funds and related financial activities in Australia, ensuring consistency and compliance with the new regulatory environment established by the Superannuation Industry (Supervision) Act 1993. This Act makes amendments to numerous pieces of legislation, including the Australian Capital Territory (Self-Government) Act 1988, the Bankruptcy Act 1966, the Corporations Law, the Income Tax Assessment Act 1936, and others, reflecting changes in definitions, operational standards, and regulatory oversight necessary to align with the new superannuation laws.
Scope and Application
The Superannuation Industry (Supervision) Consequential Amendments Act 1993 applies to a range of acts and amendments across various legislative instruments within the Australian legal system. This Act is designed to ensure consistency and coherence in the legislative framework following the enactment of the Superannuation Industry (Supervision) Act 1993. The amendments affect various acts including the Australian Capital Territory (Self-Government) Act 1988, the Bankruptcy Act 1966, the Corporations Law, the Income Tax Assessment Act 1936, the Insurance and Superannuation Commissioner Act 1987, the Military Superannuation and Benefits Act 1991, the Superannuation Act 1976, the Superannuation Act 1990, the Superannuation Benefits (Supervisory Mechanisms) Act 1990, the Superannuation Guarantee (Administration) Act 1992, the Superannuation (Productivity Benefit) Act 1988, the Taxation Administration Act 1953, and the Taxation Laws Amendment (Superannuation) Act 1992. These amendments cover a broad spectrum of areas including definitions, disqualifications, property division among creditors, the interpretation of terms, and specific sections related to superannuation funds and their administration. The scope of the Act extends to entities and individuals involved in superannuation funds, trustees, and government bodies overseeing the administration of superannuation laws. The Act also modifies the interpretation of various terms to align with the Superannuation Industry (Supervision) Act 1993, ensuring that all related legislation reflects the current standards and regulatory environment for superannuation in Australia.
Key Provisions
- The Superannuation Industry (Supervision) Consequential Amendments Act 1993 (the "Act") makes various amendments to a number of other Acts in response to the enactment of the Superannuation Industry (Supervision) Act 1993 (the "SIS Act"). The Act primarily operates to update references to the repealed Occupational Superannuation Standards Act 1987 to instead reference the SIS Act, and makes a number of consequential amendments to align other Acts with the SIS Act.
- The Act imposes a number of obligations on the parties and entities it governs. For example, under section 4 of the Act, the Australian Capital Territory (Self-Government) Act 1988 is amended to align the definition of "dependant" with that in the SIS Act. Under section 5 of the Act, the Bankruptcy Act 1966 is amended to exclude certain superannuation fund interests from being divisible among creditors. Under section 12 of the Act, the Corporations Law is amended to update references to the Occupational Superannuation Standards Act 1987 to instead reference the SIS Act.
- The Act also sets out a number of offences, penalties and consequences for breach. For example, under section 10 of the Act, certain provisions in the governing rules of superannuation funds and approved deposit funds that have the effect of cancelling, forfeiting, reducing or qualifying a member's or depositor's beneficial interest are void. Under section 302A of the Act, a contravention of this provision is an offence, with a maximum penalty of 50 penalty units. Under section 315F of the Act, a contravention of the tax treatment provisions relating to financial assistance funding levies is an offence, with a maximum penalty of 10,000 penalty units.
- Area of Law
- Superannuation Law
- Taxation Law
- Administrative Law
- Instrument
- Act
- Concepts
- Commencement Provisions
- Repeal & Amendment
- Regulatory Standards
- Compliance Obligations
- Reporting & Disclosure Obligations
