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

Statutory Rules 1996

No. 57 1

__________________

Superannuation Industry (Supervision)

Regulations 2(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 8 May 1996.

 WILLIAM DEANE

 Governor-General

By His Excellency’s Command,

JIM SHORT

Assistant Treasurer

for the Treasurer

____________

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 6.01 (Interpretation)

2.1   Subregulation 6.01 (2) (definition of “changeover day”):

Omit the definition, substitute:

“‘changeover day’, in relation to a member of a regulated superannuation fund, means:

• (a)

  if the trustee of the fund:

  • (i)

    under these Regulations as in force immediately before the commencement of subregulation (2A), fixed a day in the 1996 calendar year as the changeover day in relation to that member (whether or not the day occurred before that commencement); and

  • (ii)

    does not fix a day in the 1997 calendar year as the changeover day in relation to that member under subregulation (2A);

 the day so fixed; or

• (b)

  if under subregulation (2A) the trustee of the fund fixes a day in the 1997 calendar year as the changeover day in relation to the member—the day so fixed; or

• (c)

  in any other case—1 July 1997;”.

2.2   After subregulation 6.01 (2), insert:

 “(2A) For the purposes of the definition of “changeover day” in subregulation (2), the trustee of a regulated superannuation fund:

• (a)

  before 1 July 1997; and

• (b)

  in accordance with subregulation (3A);

may fix a day in the 1997 calendar year as the changeover day in relation to a member of the fund.

 “(2B) The trustee of a regulated superannuation fund, under subregulation (2A), may fix a day in the 1997 calendar year as the changeover day in relation to a member of the fund whether or not:

• (a)

  the trustee has fixed a day in the 1996 calendar year in relation to the member; or

• (b)

  a day so fixed has occurred;

before the commencement of subregulation (2A).

 “(2C) Upon a day being fixed as the changeover day in relation to a member under subregulation (2A), any day fixed in the 1996 calendar year as the changeover day in relation to the member, by force of this subregulation:

• (a)

  ceases to be the changeover day in relation to the member; and

• (b)

  if it has occurred, is taken, for the purposes of this Part, not to have occurred.”.

2.3   Subregulation 6.01 (3):

Omit the subregulation, substitute:

 “(3) In deciding the changeover day in relation to a member, the trustee of the fund is not bound by the governing rules of the fund.”.

2.4   Subregulation 6.01 (3A):

Omit the subregulation, substitute:

 “(3A)When the trustee fixes a day as the changeover day in relation to a member, the trustee must record the decision in writing.

 “(3B)For the purposes of subsection 31 (1) of the Act, the standard set out in subregulation (3A) is applicable to the operation of regulated funds.”.

3.   Regulation 6.04 (Preserved benefits in regulated superannuation funds—rollover or transfer between funds during 1996 or 1997)

3.1   Paragraph 6.04 (1) (a):

After “1996”, insert “ or 1997”.

4.   Regulation 6.09 (Restricted non-preserved benefits in regulated superannuation funds—rollover or transfer between funds during 1996 or 1997)

4.1   Paragraph 6.09 (1) (a):

After “1996”, insert “ or 1997”.

__________

NOTES

1. Notified in the Commonwealth of Australia Gazette on 15 May 1996.

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 No. 44.