Superannuation Industry (Supervision) Regulations (Amendment) (Cth)

Statutory Rules 1997No. 293 1

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Superannuation Industry (Supervision) Regulations2 (Amendment)

I, The 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 15 October 1997.

 WILLIAM DEANE

 Governor-General

By His Excellency’s Command,

c. r. kemp

Assistant Treasurer

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1.   Amendment

1.1   The Superannuation Industry (Supervision) Regulations are amended as set out in these Regulations.

[NOTE: These Regulations commence on gazettal: see Acts Interpretation

Act 1901, s 48.]

2.   Regulation 1.03 (Interpretation)

2.1   Subregulation 1.03 (1):

Insert the following definitions:

“‘capital gains tax exempt component’ has the same meaning as ‘CGT exempt component’ in subsection 27A (1) of the Tax Act;

‘eligible spouse contributions’ has the meaning given by section 159TC of the Tax Act;”.

3.   Regulation 3.01 (Public offer superannuation fund—prescribed persons)

3.1   Omit the regulation, substitute:

Public offer superannuation fund—member of a prescribed class

 “3.01. For the purposes of sub-subparagraph 18 (1) (a) (ii) (B) of the Act and paragraph 18A (2) (e) of the Act, a prescribed class is a class of persons, each of whom is:

• (a)

  a former standard employer-sponsored member of the fund concerned who, since ceasing to be a standard employer-sponsored member of the fund, has remained a member of the fund at all times; or

• (b)

  a spouse, or former spouse, of a standard employer‑sponsored member of the fund concerned in relation to whom the fund has accepted eligible spouse contributions from the standard employer-sponsored member; or

• (c)

  both:

  • (i)

    a spouse, or former spouse, of a person who is a former standard employer-sponsored member (‘the other person’) of the fund concerned; and

  • (ii)

    a person in relation to whom the fund concerned accepted eligible spouse contributions from the other person while the other person was a member of the fund; or

• (d)

  both:

  • (i)

    a spouse, or former spouse, of a standard employer‑sponsored member (‘the other person’) of a fund that has the same standard employer-sponsor as the fund concerned; and

  • (ii)

    a person in relation to whom the fund concerned has accepted eligible spouse contributions from the other person; or

• (e)

  both:

  • (i)

    a spouse, or former spouse, of a person who is a former standard employer-sponsored member (‘the other person’) of a fund (‘the other fund’) that, at all times relevant to subparagraph (ii), had the same standard employer-sponsor as the fund concerned; and

  • (ii)

    a person in relation to whom the fund concerned accepted eligible spouse contributions from the other person while the other person was a member of the other fund.”.

4.   Regulation 6.01 (Interpretation)

4.1   Subregulation 6.01 (2) (definition of “restricted non-preserved contributions”):

Omit “or the Superannuation Industry (Supervision) (Transitional Provisions) Regulations”, substitute “the Superannuation Industry (Supervision) (Transitional Provisions) Regulations, the RSA Regulations or these Regulations”.

4.2   Subregulation 6.01 (6):

After “credit of a member”, insert “(except eligible spouse contributions)”.

5.   Regulation 6.10 (Unrestricted non-preserved benefits—regulated superannuation funds)

5.1   Subregulation 6.10 (2):

Omit “are amounts that:”, substitute “are amounts (other than an amount that is a capital gains tax exempt component) that:”.

6.   Regulation 6.11 (Unrestricted non-preserved benefits—approved deposit funds)

6.1   Subregulation 6.11 (2):

Omit “are amounts that:”, substitute “are amounts (other than an amount that is a capital gains tax exempt component) that:”.

7.   Regulation 7.04 (Acceptance of contributions—regulated superannuation funds)

7.1   Subregulation 7.04 (1):

Add at the end:

• “; or (c)

  the contributions are eligible spouse contributions.”.

8.   Regulation 7.05 (Accrual of benefits—defined benefit funds)

8.1   Subregulation 7.05 (1):

Add at the end:

• “; or (d)

  the accrual is attributable to eligible spouse contributions.”.

9.   Schedule 2 (Modifications of the OSS laws in relation to preserved benefits in regulated superannuation funds)

9.1   Subclause 202.2 (substituted paragraph 9 (1) (c)):

Omit paragraph (e), substitute:

• “(e)

  benefits must be preserved if they arise from payments from the Superannuation Holding Accounts Reserve established under that name by section 8 of the Small Superannuation Accounts Act 1995;

• (f)

  benefits must be preserved if they arise from eligible spouse contributions within the meaning of section 159TC of the Tax Act;

• (g)

  benefits must be preserved if they arise from a capital gains tax exempt component rolled over to the fund because of subsection 160ZZPZF (1), 160ZZPZH (7) or 160ZZPZI (5) of the Tax Act.”.

NOTES

1. Notified in the Commonwealth of Australia Gazette on 16 October 1997.

2. 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 and 243.