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

Statutory Rules 1995

No. 430 1

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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 20 December 1995.

 BILL HAYDEN

 Governor-General

By His Excellency’s Command,

PAUL ELLIOTT

Parliamentary Secretary to the Treasurer

for the Treasurer

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1.   Commencement

1.1 Regulation 4 commences on the same day as item 13 of Schedule 4 of the Superannuation Industry (Supervision) Legislation Amendment Act 1995.

1.2 Regulation 5 commences on the same day as item 42 of Schedule 4 of the Superannuation Industry (Supervision) Legislation Amendment Act 1995.

[NOTE: The remainder of these Regulations commence on gazettal: see Acts Interpretation Act 1901, s. 48.]

2.   Amendment

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

3.   Regulation 1.04 (Section 10 of the Act—prescribed matters)

3.1   Paragraphs 1.04 (2) (a) and (b):

Omit the paragraphs, substitute:

• “(a)

  in the case of an auditor of an excluded superannuation fund:

  • (i)

    is, under Division 2 of Part 9.2 of the Corporations Law, registered, or taken to be registered, as an auditor; or

  • (ii)

    is associated with a professional organisation specified in Schedule 1AAA in the manner specified, in respect of that organisation, in that Schedule; or

  • (iii)

    is the Auditor-General of the Commonwealth, a State or Territory; and

• (b)

  in the case of an auditor of a superannuation entity other than an excluded superannuation fund:

  • (i)

    is:

    • (A)

      under Division 2 of Part 9.2 of the Corporations Law, registered, or taken to be registered, as an auditor; and

    • (B)

      associated with a professional organisation specified in Schedule 1AAA in the manner specified, in respect of that organisation, in that Schedule; or

  • (ii)

    is the Auditor-General of the Commonwealth, a State or Territory.”.

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

4.1   After “sub-subparagraph 18 (1) (a) (ii) (B)”, insert “and paragraph 18A (2) (e)”.

5.   Regulation 8.03 (Audit certificate)

5.1   Omit the regulation, substitute:

Period within which audit report must be given

 “8.03. For the purposes of subsection 113 (1) of the Act, the period within which a report mentioned in that subsection must be given after the year of income to which it relates is:

• (a)

  if the report is in respect of an excluded fund—9 months; or

• (b)

  if the report is in respect of a public offer entity other than an excluded fund—4 months; or

• (c)

  if the report is in respect of any other superannuation entity—6 months.”.

6.   Regulation 12.08 (Date before which applications are made)

6.1   Omit the regulation, substitute:

Date before which applications must be made

 “12.08. For the purposes of paragraph 342 (3) (b) of the Act, the day on or before which an application in relation to a fund must be made is the day specified for that purpose by the Commissioner by notice in writing given to the trustee of the fund.”.

7.   New Schedule 1AAA

7.1   Before Schedule 1AA, insert:

 “Schedule 1aaaSubregulation 1.04 (2)

Approved auditors—professional organisations

Item	Professional Organisation	Manner of Association
1.	Australian Society of Certified Practising Accountants	Member
2.	The Institute of Chartered Accountants in Australia	Member
3.	National Institute of Accountants	Member
4.	Association of Taxation and Management Accountants	Member or Fellow
5.	National Tax and Accountants Association Ltd	Fellow”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 22 December 1995.

2. Statutory Rules 1994 No. 57 as amended by 1994 Nos. 189 and 432; 1995 Nos. 47, 64, 142, 158, 159, 240, 293 and 384.